The UK company insists that by the end of the year a partner will have been found for its microbiome project to prevent C difficile infections.
A strong performance from a handful of large drug developers could not rescue the sector from a weak three months on the stock market.
The microbiome-focused group has some explaining to do.
Late-stage data are expected for Apellis; Ionis and Biogen tackle ALS; and Mirati awaits combination results.
The second quarter brings updates for Scholar Rock, Alnylam and Dicerna, among others.
The boom in blank-cheque companies could offer small UK developers a new route to a US stock market listing.