Feb. 15 at 9:14 PM
$IXHL If you assume the plan was always “go it alone” into Phase 3, then yeah… the silence, the structure changes, the lack of hiring, and the focus on EOP2 all look confusing. It feels complex because you’re trying to force today’s behavior into a solo development narrative.
But go back to Joel’s own words in 2023. He said the structure was being simplified for a merger or sale. That was before the asset was fully derisked.
Now look at where we are:…strong Phase 2 data, cleaner cap table, advisory board expansion, no Phase 3 infrastructure, no major financing, and continued silence around long term development plans and a compliance clock ticking like a time bomb.
Through a “go it alone” lens, behavior looks INSANE
Through a “prepare for sale” lens, it’s actually very clear as if it’s all coming to fruition.
Same facts. Different lens. Completely different conclusion
