I think it was the expectation of a real announcement of partners coming before the EC. The stock dropped just prior to EC because people probably felt that POET was right on the verge and when no announcment was made the market sold off. This was probably the same back with P1 when it rocketed. People probably felt that the money was going to start to flow. The last 2 news releases, while welcome, really don't point investors to the real probability of partner agreements in the near term and that those agreements could have upfront payments and cash in the bank. (if they don't know that PC said at EC that money would flow by year end). Also there is a much bigger burn rate than was planned at the EC.