The company has been aware since early October 2024 (4 months) [ if not earlier given the prior failed production runs] that DX-1 would not be proceeding to the clinic yet is unable to announce any binding collaboration on any front that will enhance shareholder value. It is as though management, and the BOD have been caught asleep at the wheel.
The 4C makes reference to the implementation of cost saving initiatives. This is not borne out by the facts. Expenditure on staff costs is the same as the prior quarter at $125,000 per quarter. More concerning the directors (Mainly the MD) have paid themselves $151,000 in the current quarter (a whopping $604,000 of our money annually) exactly the same as paid in the prior quarter. BOD don't treat your long-standing shareholders as mugs. Given the destruction of shareholder value in not reaching the clinic, staff costs and payments to the BOD in the current quarter should have been nominal <$50,000.
Hindsight is a wonderful thing and I am $100ks down on this investment but the rot seems to have set in when the founding Chair resigned in late 2022 followed not long after by Suzy Jones. These were the only two directors with deep commercialisation experience who had supported the company for decades. Replaced by scientists I should have followed my instincts and sold when the commercially savvy departed the Board. Lesson well learnt at considerable cost.
DYOR IMO
Clare
PAB Price at posting:
0.3¢ Sentiment: None Disclosure: Held
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