Well we know that Stifel Nicolaus is on the short side
Hammered home the point about "increased risk", even though did not mention that risk is already more than discounted in shares, and that the phase 2 and the news today actually DERISKS phase 3. But it is a bit like expecting objectivity from AF.
The point on cash and the additional costs to ramp up a few hundred more subjects is valid. But he underestimates the ability to raise financing from insiders and also the potential for partnership cash injections - which is something that is underway and could be announced at any moment.