Latent class 3.

Latent class 3 makes up the balance of transactions observed and are exclusive to clinical development (clinical trial phases I, II & III). Unlike latent class 2 however, these transactions also appear to be unaffected by sentiment. Of note, a large portion of these transactions are in phase I, which is also considered early development, and we consider this class capturing transactions that don’t fall into traditional assumptions of “early development”.