Ann: June 2024 Quarterly Activities Report and Appendix 4C, page-13

As others have mentioned, investors may be worried because the product hasn’t hit the market yet, and there’s not been much info from the company on why.

But I think that there’s also a “believe it when I see it” attitude in the market which isn’t just affecting PIQ.

Europe may have more diabetics but, due to various factors like nationalised health systems, may end up paying less per test than in the US. My handwaving guess is that rest-of-world sales will be 50% of US sales.

I agree that this stock has the strong potential to take off, eventually. It’s why I’m here after all. One inflection point will be the test solidly hitting the market in the US. But I think the real key moment will be when they earn enough royalties to break even.