Disappointing start with Sprint Bioscience

Only a few days into our investment in Sprint Bioscience, the company released a negative and very disappointing announcement regarding Day One Bio. Inc terminating it's partnership with Sprint and returning the VRK1 program.
Needless to say; such surprising news just after a financing round promts us to re-evaluate the business case and our decision to invest.
After a meeting with the CEO and the chairman, our conclusion is that we still believe in Sprint Bioscience and the management, as we assess that other programs carry significantly more value, and that the company will adapt to the new situation in a prudent manner. Furthermore, our understanding is that the VRK1 program can still bring value.
In assessing the unfortunate timing of this news, it became clear to us, that this situation was by no means expected which is confirmed by the fact that the chairman choose to oversubscribe in the financing round.
Our conclusion is that based on the information we have available, LSIF will continue as a long term investor in Sprint Bioscience and not reduce our position.