Capital market not frozen... credit market is
Credit market is borrowing/lending money
Capital market is stock money, refinancing money
Cerenis is a small startup - preclinical
https://www.mlive.com/business/ann-arbor/index.ssf/2009/02/drug_discovery_firm_cerenis_po.html
They managed to get 84M from venture funds. Shows you that good projects attract money.
Not impossible for TLN to get refinanced today.
Awesome/stellar PII results could mean 500 millions partnership for this company.
This would represent efficacy for above 20% of the patient at statistical significance.