I guess the play has always been either:1. Licencing deals with...

I guess the play has always been either:
1. Licencing deals with upfront & royalty payments for individual products.
2. Complete sale of IP of individual products
3. Complete Buyout
4. IMU charging patients with FDA approved treatments.

Even with efficacy in phase 1 or 2, sp price rises will not be sustained without 1, 2 or 3 happening. And even with FDA approval, one of the above still needs to happen for shs to be rewarded financially.

So, the question has always been, will you risk not holding any shares if/when one of the above happens, and need to pay for much higher prices to own shares.
And, what is the likelihood of 1, 2 or 3 happening anytime.

Of course every stock in the ASX is a trading stock, how else will ASX work without trading. The question is how susceptible a stock is to volitility. Only privately owned companies are not trading stocks. Imho

Jimho and just trying to clarify my own thinking.

IMHO.
DYOR.