Ann: Appendix 4C - quarterly, page-35

There'sa Tim Boreham article on UCM at Biotech Daily Nov 2019 which suggeststhe SP is undervalued (and that was pre-covid).
Areliance on China might be a weak point, but also has advantages ifyou listen to the podcast interview of Dr Mary Manning at MedicalMoney.
medicalmoney.com/podcast/
Thatsaid, the revenue generated outside China is not insignificant and greater than total revenue of some other microcaps withsimilar MC.Microcapslike this are difficult to value using conventional metrics, and are generallynot on the radar of institutional investors, which can make themundervalued.
I've heard even professional investors say they avoidbiotechs because they don't understand them and they think the stocksgenerally have a binary outcome -although the latter doesn't apply tothis stock.
FromHC you can see that downrampers are resolutely targeting this stockand the SP behaves oddly with positive news. SP is all about herdbehaviour,socapping any increase will have a feedback effect so long as turnover is relatively low. If something more dramatic happened, turnover would increase, the price couldn't be capped and it could really take off (like earlier in the year).
Probably some longtime holders are jaded and think the co is going nowhere, but sometimes it takes a while for new technology in medicine to be taken up and U1A only recently became part of guidelines. That said, scaling up manufacturing might not happen overnight and is a limiting factor. I get the impression, the facility in Budapest is more suited to scaling up, but it makes products other than U1A.
Atleast, I think the upside for this stock is greater than thedownside, not least because of the IP it owns, its potential intelehealth, the recent inclusion of Uscom1A in clinical guidelinesand new products in the pipeline and their relevance to covid. I would have thought it could become a TO target.
Thedelays in approvals are the frustrating aspect for me, because thecompany seems to little control here.