I think they have been managed very conservatively over the years. I'm not sure about a $90m spend on FDA to get where they are at now, but they did have to do a large 'non-inferiority' clinical trial a few years back to show that Technegas works - that was separate to the current 'combination product' FDA application. They are going at this in a measured way, and not spending up big - as I look across my portfolio there are a few that have gone hard and are now at 10% of their peak.
CYC will be like the magic of compound interest - its on an upward trajectory, with initial returns relatively small, but ballooning as they compound.
I though the presentation was very good. They have ruled out any CR in the short-term. Just recall that the CR before the last one was done at a premium to market - that was to get some instos on board.
CYC Price at posting:
$2.74 Sentiment: Buy Disclosure: Held
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