Ann: Quarterly Activities and Cashflow Report - March 2023, page-7

Yeah totally agree - just saying that if you're MC of 50m with 35m cash, if you go 1 year without any material news (aside from progress towards material work coming) AND you burned $20m to setup everything for the next couple of quarters, the market might notch up to $20m off the market cap.

I'm seeing this in a biotech with a fairly long runway. This explorer has obvious large differences to that, but also similarities in that there's some months before you might see material news flow

Overall, leadership plays a big part here, and I agree with you there too