We discuss the nuances below, but the bottom line is that the US commercial agreement is not workable in its current form, and CAPR is seeking rescission after negotiations stalled. Despite initial negative stock reaction, we see this as a value-creation opportunity in the long run. Deramiocel is a multi- billion dollar opportunity in the US, and CAPR can likely launch the drug without a commercial partner. The best case scenario is that CAPR walks away from the deal, minus ~$50M in R&D payments previously received from NS Pharma.