Ann: Beam Quarterly Report - Further Growth in Cash Position, page-93

1000% agree with you Art. Can this management team take us to the next level or have they been in their jobs too long and are set in their ways? Fresh blood is needed.

R&D is pretty common at this end of the market. You just need to work around it in your analysis. Ultimately it makes their profits look a bit higher which might attract new investors. I prefer it expensed like you though.

I look at it differently. For this market cap, to even have an advisor is a good thing as many don’t. Peak and Niv are ok but to get materially better it costs more and you need to be a lot bigger. Peak also are co-investors and do buy on market - many others like Mahe etc just take their fees and do nothing post raising capital.