MSB All-time low Party Thread, page-32

"The company has always been in debt
They have always had loans that have covenants"

Not so! For most of its life, like all prudently managed biotech startups, had no debt and no covenants!

Debt is relatively recent for this company, and in my mind reflects the difficulty they now have in raising equity through placements to institutions. As I've previously pointed out, most of their placements were cornerstoned by major instos. That came to an abrupt halt with the Kentgrove "death spiral" financing and a few debt rounds at usurious rates.

Would not like to be a director right now!