I shared some thoughts about STDY with another forum member, we both thought it looked interesting. I agree that the lack of a public market is an opportunity rather than an issue. I.e. might be an issue for funds to own a 5-year, non-traded security but if you buy this for your personal account, what's the problem? You buy the stock for $4.55, get back $4.46 in a few months yet you worry about the lack of a public market in the $0.09 lottery ticket?
For a non-medical armchair specialist like me it's basically impossible to say something sensible about their product but at first glance it doesn't seem like a moonshot product, i.e. looks somewhat credible and sensible to me. Even better, insiders own a reasonable amount of shares, that makes me inclined to believe they see some potential in their product. Would be interesting to see in a proxy if they were initially offered a higher upfront amount.
On the flipside, given that the deal is supposed to close in Q3 (and the CVR payout can take up to five years if I remember correctly) the expected IRR isn't superb at the moment if you assume a conservative timeline, even if you think the expected value of the CVR is around $0.50 or higher. Especially if you also take into account that without a CVR this would probably trade 1%-2% below the cash offer). Also, I am not 100% sure about possible implications of Israeli withholding tax.
So to conclude, I think it looks good but not super. I own a few shares, maybe I buy some more shortly before closing and/or if the proxy contains some extra information.