Competition.
Heat Biologics HS-410 was just granted fast track designation for NMIBC. DFS rate seems to be slightly better than MCNA at 1 year (30%). Also, it looks like Roche has a drug (MPDL3280A) with breakthrough designation. How much of a lead will Telesta have when it hits the market? 3 to 4 years? I can see competition having an impact on any buyout price. I really hope the submit before the new June 30th deadline.