Theraclone's programs may very well pay off in the long run. It's just way too early to tell. This is one reason why a merger of equals makes little sense to me. The company is perhaps a year away from a meaningful settlement with Siga. Sparvax is off clinical hold. Yet instead of a near-term payoff from the Siga settlement followed by perhaps some progress in the clinic with Sparvax, senior management has decided to take a $3.5 million pay check and leave us with double the share count and a $200 million valuation. Yet the Siga settlement will continue to be our earliest and best prospect. The company will probably dilute us further by issuing more stock through new ATM sales to finance the heftier overhead. I've owned stock in PIP since the merger with the blank check company. I have followed the company's ups and downs and I have continued to buy stock. I believed in management. I really thought we were finally closing in on a big bump in the valuation with the Siga settlement. Instead I worry that I'm about to have a diluted stake in an early stage biotech company with a bloated valuation at the tail end of a bull market for the sector.