Stating the obvious, I know, but we are at six cents due to...

Stating the obvious, I know, but we are at six cents due to uncertainty.

The market hates uncertainty and this latest transaction/CR delivers it in spades. But I'm also looking beyond the daily trading floor and thinking about it from Big Pharma's perspective. All of us here hope - and probably expect - BP to ride to our rescue, but given current global sentiment that's hardly likely to happen until it knows EXACTLY what it's buying/licensing, and at the moment it doesn't.

HER-Vaxx, B-Vaxx and PD1-Vaxx all delivered promising Phase 1 results, but hardly knockout blows (and given the nature of Phase 1 testing who could reasonably expect BP to be more than mildly interested at that point). HER-Vaxx is now in interesting combination trials, but again is some way short of proving its capabilities to the point where a risk-averse sector is going to commit big investments.

We keep hearing hints, seeing knowing smiles - and very probably reading the tea leaves in the office trash - about the wonders of CF33+CD19, but again, no results yet that would excite BP bean-counters. And don't forget the bean-counters are currently in the ascendancy, not the blue-sky marketers. Only two things - possibly in combination - will change that: Global economic sentiment (which is currently in the toilet), and knockout clinical results that leave absolutely no doubt about the efficacy and safety of our drugs.

A change in sentiment may be years away - the Russian terror campaign ... sorry, war, drags on, China is just maybe at an inflection point between six-percent-growth-forever and reality, inflation can hardly be said to be under control, and the cost of global warming escalates daily. So don't hold your breath on sentiment swinging towards the bulls.

Which leaves our clinical results. And so we wait - some of us patiently, others ranting about today's share price. (I just mistyped 'share' as 'shard', which is perhaps more appropriate given the short-term pain being inflicted.)

OOO