This one is rather straight forward, there’s no debt, minimal lease obligations, ~$100MM of cash and a 49% shareholder in RA Capital.
RA Capital is an institutional player in life sciences, they invest across the pre-revenue/revenue spectrum, Andrew Levin from RA Capital is the chairman of the board for ELYM. He appears to be more of a scientist than an investor, but I’m sure straddles both. All that to stay this situation probably leans towards a reverse merger — it has been 4+ months since the strategic alternatives announcement, a scientist as chairman and controlling shareholder (might have something they own privately and want to bring public), but given the ownership alignment, hopefully a well thought out transaction. The IP might also be worth something here to someone wanting to pursue a Phase 2 trial for ETX-155.