Actually I did some additional looking into Opexa's financials since the time of my last post and it's worse that I thought. They raised only about $6m in cash and they burn about $1m a month. Considering they had about a million or two in cash before raising the funds, this gives them about enough to get to the start of the 4th quarter.
They said that results of Phase 2b would be released in the 4th quarter. So this means that they need to raise money again just to produce phase 2b results. It's looking touch and go here. Not very reassuring.
You're correct that it seems unlikely that investors will pony up $100m+ to take this drug through Phase 3.
Again, should be interesting.