$IBIO There are absolutely no negatives in the entire report, as many people are saying on this board. "We have never submitted an NDA or BLA to the FDA or comparable applications to other regulatory authorities and do not expect to be in a position to do so for the foreseeable future." (10-K, p. 21) NDA = New Drug Application. Guess what iBio-400 needs before it is approved for commercialization? An NDA. Shocking, I know, but for some reason the FDA usually likes to approve drugs before companies can sell them. But why question it, right? I'm just a negative guy who apparently doesn't understand how things work. Now go ahead and tell me to sell. I need to block some people. Or you can simply acknowledge the risks as identified, stay invested, but with your eyes wide open so you can actually make informed, reasonable decisions based on real information (like I do) instead of rampant, unfounded speculation.