I don't think it is being held back, it's at a fair price based...

I don't think it is being held back, it's at a fair price based on it's current achievements to date. PIQ trades as a slow mover and appreciates in value as milestones are reached. The registry is very tight, 73% of shares are held by 156 individuals.


Those holding over 100k shares are not here to win pips. Many long term holders here who have held since IPO of 20c.

Regarding the CPT code, there is still a long run way ahead of us.
Once the clinical utility study is published, PIQ can make an application: below from the annual report.


The catch here is timing - I am copying and pasting the below from a broker coverage report which helps put things into a coherent timeline:

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CPT PLAcodes are managed by the American Medical Association (AMA)through the CPT Editorial Panel.Codes can be applied for and granted quarterly (fall, winter, spring,summer)The process takes a ~3 months from application deadline to codepublication date.
Codes then become effective the following quarter, whereby test canbe sold and reimbursed using the code.

Although securing the physical code itself is broadly straight forward,the greater challenge and more complex component is making surethat connected code will be covered by insurers. This means engagingwith these key stakeholders and outlining an acceptable price point forPromarkerD, as PIQ has articulated it has done and is continuing to do(i.e. $50-150/test price points).This next step towards establishing broad adoption of the code involvesengaging with the Centres for Medicare & Medicaid Services (CMS)to establish of a national Medicare price in the Clinical Laboratory FeeSchedule (CFLS).

Following this, the CMS determines whether and to what extent a newproduct will be covered and reimbursed under Medicare, this decision istypically followed closely by private payors.This final process is one of the most important, it involves seekinga National Coverage Determination (NCD). This can be requestedby either external parties (e.g. PIQ) or by CMS under differentcircumstances.The process takes 6-9 months from application to final decision.In the absence of a NCD, coverage is at the discretion of Medicarecontracted based on a local determination.

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With the pandemic still at large and a delayed FDA response on which pathway PIQ should pursue, the sad reality is we are still a long way away from generating meaningful revenue from PromarkerD. Yes, we have Italy and Israel as potential markets but given the new wave in Israel I would say the country is focused on COVID testing.

I see PIQ as an 'accumulation-long term' investment play. The technology/product (PromarkerD) is now more or less fully de-risked from a quality/capability point of view. The clinical data is there and backed by one of the worlds largest pharmaceuticals companies - Janssen.
The CPT code coverage has a high probability of success, likewise the FDA submission and subsequent approval; however the pandemic has and will continue to delay/slow this pursuit.

With ~4 quarters of cash left (factoring in quarterly revenue from analytics services) the big question now is can the company achieve a significant enough milestone to keep the valuation above $100M? *cough cough commercialization deals come on now.

In my opinion the value on offer with PIQ is very attractive; if you can accumulate at a good price and are prepared to wait it out.

Hope my friends here have a safe week ahead.