Back in the good old days starting a trial was priced like you already had the results and some forward looking revenue/share of market/pie in the sky valuation
In todays climate, starting a trial is exactly that, a start, it may fail, we won't know until the end, we won't rush in and buy on a punt, we will buy on results
I am a believer that we might get some fomo buying as we get near the end of our trial, but in this market I am not even sure that would be possible, but good for us our results might come out in sunnier times (than current)
But yes negative EV is stupid, but also pricing in ridiculous results based pricing half way through trials is also stupid
Dare I say it - the market is returning to a more 'reward for progress' pricing model at the spec end, after some time of being 'reward for idea'
ANP Price at posting:
9.8¢ Sentiment: Buy Disclosure: Held
