I'm not totally clear on the plan here. It's a bit confusing.

From the discussion on slide 16, it sounds like ZCC is going to sell 100% of ZEL (read: divest ZEN-3694 completely) and/or 20% of the apabetalone royalty. One or both of those sales will raise the ~$140MM needed to fund the trial.

Slide 17 says the sale of ZEL will go towards BOM2 but doesn't give a dollar figure for the amount raised, other than something less than $1B.

Slide 18 suggests $140MM is the estimated cost of BOM2. No mention of PCC. But that's the figure that came from the sale of the apabetalone royalty (not the sale of ZCC).

It sounds like they could proceed with BOM2 from the sale of either asset. But it's not clear.

At first I thought they were selling both ZEL and the 20% apabetalone royalty for $140MM in total (plus future royalties on ZEL), but listening to it again I don't think that's the case, but it's not clear.

Personally I think ZEL development should stay in house if they can swing it.

As an aside, Don went on about morals and ethics. Someone with such high regard to ethics would and should never consider investing into an authoritarian country (Saudi Arabia) with their horrific record of horrific human rights abuses and which flaunts its own brutal murder of regime critics. And all because this company has to cheap out on everything trial-related. It makes me sick.