You have an upcoming annual meeting. Good chance for the CEO and...

You have an upcoming annual meeting. Good chance for the CEO and chairman to take some questions from shareholders, be open & transparent, explain motives, then press the “reset button” on investor relations. I can imagine the genesis for some of this manoeuvring might’ve been sheer frustration at the market response to progress as reflected in the share price - the ASX often ain’t great for biotech/pharma plays. It can quickly become a vicious cycle that involves lowering expectations by having to increase dilution, as well as deal with institutional gamers, and some often unreasonable long term retailer views on the value of the pipeline (everyone thinks their stock will be the next CSL) and/or on doing early deals with a bigger Pharma.

But that’s the nature of listing: if you are going to seek capital from the public at IPO then you must accept the swings with the roundabouts after you list. Good IR now seems more critical than ever to restore confidence and reputation and return the focus to regulatory progress.