Ann: Positive ATH434 Phase 2 Results Led By Clinical Efficacy, page-343

Funny how I’m the "broken record," yet the guys pumping subjective nonsense all day like itsagas (
"Don’t worry about dilution.. not going to happen" "Pharma will pay millions post results" "Most are confused about consolidation when consolidated the sp is the same") get a free pass—because hey, as long as it’s bullish crap’s acceptable, right?

I get it—you’ve got serious money in this, so maybe those rose-colored glasses feel necessary. But at some point, you’ve got to ask yourself did management perform here or not? Werent you even saying we should be up at $400 mill market cap before the cap raise?

If the company needed funds to take this to the FDA from a position of power, then what were all those talks for? They weren’t just networking—they were trying to land a deal. And what did they get? $40 million for 40% equity. That’s not a win—that’s desperation pricing. They didnt get a better offer than that.

Now, let’s be clear—I’m not knocking the science. The science might be great. Some people are here for that, and that’s great I wish I was more like that to be honest and not so money focused. But that’s a different conversation to what Im dissapointed in, most of us are here to make money, and on that front, management absolutely dropped the ball. They had a shot to create real value, and instead, they diluted the hell out of shareholders. If the science is solid, we’ll get paid eventually—just a hell of a lot less now.

They even managed to screw over big investors like you. How is it that you were buying on-market after the Phase 2 results, while people with 1/100th of your position were getting calls about the cap raise? And yet, instead of asking yourself why you, a top 20 holder, were left in the dark, you’re out here applauding their brilliant strategy and coming at me for voicing my dissatisfaction?

At the end of the day, they had a chance to play this smarter, to create real value for shareholders, but they didn’t. And now, we’re paying for it (not management who will still get paid for years). How? By being valued at $60 mill (less next week if we are trading here) after stellar phase 2 results when we should be up around $300 mill. Oh, just wait until the billions of shares flood the market, followed by the inevitable consolidation when that $40 million burns through.

They’ve managed to wipe at least a million off your net worth since cap raise just in share price alone, not taking into account your percentage ownership of the company after dilution, thats now been given away. If anyone should be furious, it’s you. But if you’re still so bullish and convinced about this, well, I guess you can always scoop up shares below the cap raise price now—that should make you feel just great, right?

I’ve got an order sitting at 0.09, and honestly, I think it’s probably going to get filled—but I’m not exactly thrilled about it. If things had been managed better, we should be comfortably at 3 cents by now, with no dilution. Just because I’m holding doesn’t mean I’m blind to every misstep. I’m capable of seeing things from different angles, and I think it’s only rational to approach this with some level-headed thinking, its good science BUT bad business management.

Let’s focus on what can be done better moving forward. The good news is, we still have a shot. To capitalisse on that, though, we need to bring in business-savvy minds—people who know how to extract value from big pharma, not just rely on the science alone, because that approach has been an absolute disaster so far. We should be valued at $300 million, and we were on track for that before this cap raise threw a wrench in the works.