that a risk with any clinical stage bio - any biotech will tank big time if any trial stage fails. Its up to the purchaser/partner to make a calculated risk on the price they are willing to pay based on clinical stage, IP, chance of success, end markets size etc.
Big pharma need new molecules and they cant just wait for every junior bio to pass P3 and NDA then swoop in. NEU is no different to any other junior bio.
regarding your casino analogy.... well dunno how to even answer that . I guess people like Merck are throwing 500mill at VLA as they cant carry that much cash into the casino.
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