RE:RE:RE:RE:RE:BTD and pre-BTD overview So the issue with that quote is that it is chock full of ambiguity allowing multiple interpretations. Whether it was intended to mislead I don't know, but they certainly avoided being pinned down on any particular milestone to a stated timeline.
Of course, you all likely know "ambiguity" is a standard corporate communications strategy allowing them to make seemingly definite statements but intermixed with enough CYA to backpedal when/if it doesn't come to pass.
For example, prior to the key "expected in 4Q2022" language, there are three other acts the timeline can potentially be applied to... "compile a clinical data report" OR "grant of a BTD approval" OR "completion of the 450 [day] assessments." Those three action phrases were included in the same sentence, capped off with the "expected in 4Q2022" so the possible interpretations are:
1.) compile a clinical data report, expected in 4Q2022
2.) grant of a BTD approval, expected in 4Q2022
3.) completion of the 450 [day] assessments, expected in 4Q2022
So one could reasonably come to any of the above conclusions and be able to point to the text as "evidence." The problem, almost certainly intentional, is the inclusion of three different acts that the 4Q2022 timeline could possibly apply to.
It would have been a simple matter to break each of these three milestones into three separate "due dates." But that would have allowed us to pin them down to stated dates, which can admittedly be unpredictable and lead to negative sentiment when missed.
Master class in corporate communications really...