I may be in the minority but I'm not so sure that no IPO is that much of a head scratcher. I agree there is a strong pipeline but the science seems to be attracting a lot of partnership/grant funding so not much new funding seems needed.

It probably could be argued that with it's pipeline and some top notch corporate expertise Zenith could easily achieve a $1.5-2B USD market cap now but that would take a skillful CEO with a track record of biotech success. Likely investment bankers would want a change at the top and I don't see that happening. Don to me has not demonstrated that he is a guy who should be leading a public biotech. Don't forget that the downside of Zenith going public could be that many Zenith holders who are also very frustrated RVX holders might just immediately head for the exit and Zenith could end up looking like RVX, grossly undervalued. I would think differently perhaps if Zenith brought in someone like Jan Skvarka (Trillium) or Lloyd Segall (Repare) but barring that why take the downside risk of going public when money doesn't seem to be an issue. It would be great to see a deal done where a big pharma steps in and makes an investment (like Pfizer did with Trillium) and then maybe with the added credibility the PPs would become more expensive and thus less dilutive as right now the PPs are being done on an EV basis of about $300M which seems low. 

Zenith science seems to be progressing in some significant ways and Don said he thinks Zenith "is in a strong position to unlock some significant value for shareholders in the near future". Who knows what the near future means to him but I would rather holdout for that or a buyout on continued success as opposed to going public without a leadership change. JMO