There were plenty of ways to structure a better deal—just look at Sanofi and Owkin: pure cash, no controlling stake. Or GSK and Relation Therapeutics—GSK put up $45M upfront, with milestone payments up to $300M, and still didn’t grab a massive equity slice.
So many other examples.
This is the kind of deal I was expecting.
ATH management botched this—plain and simple. No way around it. 40% of the company—gone.
A partnership would’ve been the smarter move—we’d have locked in future funding without handing over nearly half the company. No dilution mess, no scrambling for cash later.
And you’ll notice, no one actually argues against that. Instead, they come at me personally, throw out the classic “if you don’t like it, sell” line, or some mix of that nonsense.
Man, let’s drop the tired “if you don’t agree with everything, just sell” argument.
People are allowed nuanced opinions—we can criticise the execution and still believe in the tech and the company’s long-term potential.
ATH Price at posting:
1.1¢ Sentiment: Buy Disclosure: Held
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