PS. I bought BNO because I liked their low-risk business model -...

PS. I bought BNO because I liked their low-risk business model - they value-added with relatively low-risk early-stage activity then sold the expensive stages to Merck while retaining an interest. With this PTSD stuff, they've gone higher risk by taking it into a later stage themselves. Smart? Over-confident? I wouldn't know which. But I did my own bit of de-risking in late June by selling 1/3 of my holding (at 51.5) to get back 1/2 of my initial outlay. Maybe I should have sold more then, but I don't feel any need to now.