Ann: SECuRE trial update, page-60

In reply to @longreach

A better question is why it didn't raise cash when the SP was $6.

At that point it would have been internally evident that with delays to all of its trials, it would need more capital and it would need this capital prior to meaningful trial results.

One needs to separate the science from the commercials.

- it may well be the case that a far bigger market is available to cu67 if it moves up the treatment line. But to do this requires a change to the SECURE trial protocol and an expansion to that trial, which will delay its completion (was to have been completed by Sept 2026. Would expect at least a 12-month extension).

- it may be strategically beneficial to have cu64 approved for both initial diagnosis and bcr diagnosis concurrently. But this means that CLARIFY and AMPLIFY will (if the trials are successful) make FDA applications concurrently. AMPLIFY hasn't started, so the 15 months since the first CLARIFY patient was dosed is basically burnt time.

Its possible for both cu64 and cu67 to be scientifically successful drugs, but if the benefit they show over the standard of care is insufficient, or if they are too late to market (vs better competitive products that may be developed in the meantime), then they won't have commercial success.

The excellent and generous research provided by @ttppxx and @ma420 supports the science, but doesn't guarantee commercial success - hence the 65% SP decline, and the poor response to trial results that are big-picture positive but which push back any potential revenue flow.

As@Hingdog has pointed out, there is also the "shitco" behaviour of the past 6-ish months that is negatively affecting CU6
- the strange change of CEO
- timing of releasing important announcements
- hiding poor trial results in financial announcements
- the chair's arrogance when it came to what BP would have to do and their "all roads leads to Clarity" pontifications
- the chair's multiple-times made comment about a biotech that gets to phase 3 being a failure "it means no one loves you" ... and then starting two Phase 3 trials.

There's no money for cu64 products until Phase 3 is complete.

There's no money for cu67 until at least unambiguous success with phase 2 SECURE.

At least one big capital raise or two smaller ones look like being needed before then. Hence the SP trading at the commercial reality price, rather than the scientific potential price.

Should have raised at $6.