Perhaps the announcement should have just been to the effect...

Perhaps the announcement should have just been to the effect that the option period for a worldwide GvHD licence has now expired. Period.

That wouldn't have prevented them from continuing to negotiate with Fujifilm over the details of any incomplete deal.

In practice though, it seems doubtful that GvHD can be taken to phase 2 clinical trials in any other jurisdiction than Japan more quickly and more cost effectively and it also seems doubtful that CYP have the personnel to be approaching other Japanese contenders (if there even are any) for cooperation in a GvHD phase 2 trial in Japan. In practice then it is likely that CYP have merely kept on negotiating with Fuji in the absence of any real alternative (just for phase 2 GvHD in Japan as the best place to start GvHD in the world).

But in terms of communications (to shareholders) CYP management seem to be seriously flubbing it.

Fujifilm owns CDI (the upstream technology - important for 3rd gen stuff most likely). Cyp has no capacity to manufacture at scale. CYP doesn't have a lot of personnel to be running around making plan B type deals in the event that plan A doesn't come off.

Perhaps Fuji is getting most of the commercial benefit (the rise in reputation of iPSC's in regen medicine) through its existing association with CYP and doesn't really see a commercial need to bother with Phase 2 GvHD at all. All CYP's academic and clinical trial successes and pre-clinical continue to reflect well on Fuji (mainly on the CDI part) anyway.

The last line in the second announcement is likely significant - there is no guarantee Fujifilm will take up the option. Perhaps holders need to consider that Fujifilm simply doesn't need to take it up because everything positive that happens with CYP's MSC's - ends up increasing the value of CDI and no one else can essentially cut in on them and CYP anyhow?

Just my opinion. Tech is still good. Just Fuji doesn't need to be in hurry and CYP needs to create the competitive tension because Fuji has no incentive to do that for CYP especially whilst CYP give it any sort of extended exclusivity for nothing.