9year low..., page-39

I understand many of you current holders are hurting. I just want to point out that many of you are making an error in expecting the stock to trade above cash backing IMO. Unfortunately much of the cash is committed if you project forward 12 to 24 months. Really most of the cash backing is irrelevant in this case, and the analysts (that count) will be projecting away most of the cash looking forward, in exchange for progress or lack thereof. Will there be good value from that cash spend? (I hope so - but will not count on it based on recent past history - it has fallen over 90% since the GFC).

If you are smarter than I am, you really want to be thinking about the value of the IP, the odds of PXS getting FDA approval, and the expected reasonable cash flows for this success if it occurs. etc etc You don't need to be too accurate - plus or minus 50% would be excellent going.

I no longer have a short, but the SP still is pushing down - and eventually looks like it will push down past those who are bidding based on current "cash backing". Lower than this (if the price falls that low) the buyers will be bidding based on the odds of survival, mixed with their perceived value of IP or future cashflows, or possibly the likelihood of a spike on goodish news, that they can sell into.

I reckon this is one of the toughest stocks on the ASX to understand at this point. I will not be touching it until/unless there is good news, or a crap raise possibly. I'd not recommend it to anybody, if I was in that line of work, which I am not. There is a real chance this could go to zero within a year or two, and if there is just enough to pay staff termination costs - this business will belong to creditors, and possibly key technical staff who are necessary for the IP to have any value at all, and not shareholders unless they take part in a recapitalisation of some sort. I've seen it happen dozens of times. The alternative could be a painfully dilutive crap raise. The best (and rarest when the market loses faith IMO) outcome is that there is a dramatic turnaround in fortune, and the SP flies.

All my honest opinion. GLTA.