I first got interested in AHZ because of the immunotherapies...

I first got interested in AHZ because of the immunotherapies business, but I soon came to the conclusion i had things back to front. I decided ADAPT would be the main game and immunotherapies (if it ever came off - the science was promising but not a slam dunk and had years to go to prove out, with all the associated cost) would be the cream. I didn’t invest big time, it wasn’t clear to me what the funding pathways looked like, too much uncertainty. I went to my first AGM run by Catlow as chair and Rodne as ceo. Honestly it was like being on Gilligan’s Island, it was embarrassing. So while I loved the product, having been burnt in the past by companies with promising product but poor management, I remained cautious. In other words, it was very much a small speculative investment in my portfolio...and a pretty nervous one at that if I’m completely honest with myself.

Contrast to where we are today. Two AGMs ago i came away thinking we had turned the corner, I was really buoyed by what I saw in WP, and I made some small further investments here and there. I still wanted to see more proof though, would code red deliver, would the strategy to commercialise evolve and deliver? The latest AGM figures were exactly what I needed to see - a lot of teams can slash costs, but can they grow the business too? - and we saw clear evidence of sustained positive business performance and growth. Everything is heading in the right direction: sales infrastructure and results, production costs and quality, stable SG&A. Even things like the company’s ability to pull together the kind of top quality advisors for their Advisory Boards is instructive - these people are staking their reputation on the line when they join, and they clearly trust this management team and the ADAPT platform technology. The multi-product development strategy makes sense to me, it not only de-risks (we’re not reliant on a single revenue stream) it also shows how far we have come that we have the capacity to focus on multiple products now, and of course puts us on a growth trajectory into the stratosphere. I’m now middle of the top 20 with my investments, 95% of my holdings today have been bought this year, most in the current period of share price weakness. Some would feel safer waiting longer, to see more proof in the next quarterly or whatever, and that’s fine. But for me it’s no longer a speculative investment, this is a company with big plans and the capability to realise them, and in my view the share price right now is a great entry point.

Sentiment: you know what it is!