Ann: Becoming a substantial holder, page-22

I definitely understand your view and can relate to it a bit. I think they should've been more aggressive, they've built a mountain of cash well above what I think was necessary. However, I will say it's quite rare to find a company so well run in terms of the generation of stable and consistent cash flows, especially in the biotech space. It's quite nice to be able to invest in a company, without having to worry about it going bust in the future, or dilute investors into oblivion. I've seen the alternative, and and it isn't pretty. As such I'm quite happy with Wolgen at the helm, although I think he should take a pay cut this year to show solidarity with investors (he won't, I know).

There's a huge pipeline here, several enormous opportunities for them to turn this into a company valued in the tens and potentially hundreds of billions of dollars. Scenesse would change the world, like Ozempic, if it is released to the mass market. I do hope they've taken a lesson from the terrible share price performance, to start to become a bit more aggressive with pursuing these opportunities, and they do indeed become a household name by 2026.