This is not wishful thinking, but a deal of some sort has to be imminent.
Few points to consider:
AA stated considerable progress made in negotiations, with more than 1 suitor.
Company has cash in hand to fund through Jan 2014. If PATH didn't believe a deal would take place, my thinking is they would have taken advantage of the stock runup 1-2 weeks ago to raise $$.
The longer you have no deal, the stock will drip lower. Therefore, longer they wait, the equity financing is more dilutive. The indications point to a deal. On what terms, who knows. If no deal, BK for PATH.
Would be hard to fathom with an FDA approved product, in a niche market. We shall see!!
AA also said it would most likely be the end of Dec before FDA approval of manufacturing and that they would have enough product for initial launch then as well. If they have to wait for those milestones, then a partnership should be announced then or soon after.
That's fine and dandy, but they run out of cash 1 month after that. I'd get a deal done ASAP. Let's face it, even if a deal gets done, it's not going to be on the greatest terms for PATH. They are cornered and have no leverage in negotiations.