$IBIO The share price reflects the info from today's update: 1) They have not finished their pre-pre-IND meetings yet. They are WAY behind not to have finished that and received a decision on whether they can submit pre-existing safety data rather than doing tox. 2) If they will be required to do tox (which is highly likely), they are looking at potentially January or perhaps even later before they're done. 3) No substantive updates on the other programs (e.g. 100, 400) wrt specific timelines. 4) These guys have little to no hope of securing a gov't contract or other non-dilutive funding at this point. 5) No risk mitigation strategy identified for how to break into the market once every other vaccine supplier has locked up supply contracts. 6) I didn't hear any new "good news" stories today compared to what they said 1 month ago. In short, they shat the bed. FastPharming my well-toned ass.