We're talking about trials and manufacturing, not development of the vaccine itself. The former is R&D intensive, the later is op-ex expensive. The former rel

We're talking about trials and manufacturing, not development of the vaccine itself. The former is R&D intensive, the later is op-ex expensive. The former relies on talent, the later is mostly just bodies and money. The former can be done much earlier in the process if the risk equations are aligned, which they are not, which is why Pfizer ramped up in October, and not back in April, when the could have, but wherein it wouldn't make sense for them.