any theories, page-35

I guess from a superficial viewpoint Early's point re losses for many years sounds reasonable. However from where I'm looking, one should evaluate growth of a coy taking into account its events & management along the way.
This coy today is nothing like the past except for the fact that it is still R&D in Ca.
Even a cursory read of its history will show a restructure of the board & a return to their knitting by GK & his team. It beggars belief that the previous board got it so wrong after such promising early results but there you go, it can and does happen.

The situation now imo is completely different with a team that understands the science, has extensive CT expertise, is focussed on therapy that will completely change the face of Ca treatment (if proven), and is tightly controlling cash while raising awareness in the investor community to allow smooth follow on for subsequent CTs with minimal delay. Their choice of target disease has been wisely made imo with a positive outcome likely to see a rapid takeup into other solid cancers
There are not too many trials where 5-6 sites are willing to participate & imo that demonstrates the implicit imperative for new therapy that will make a difference.

$110M accumulated losses will be very useful imo to soak up profits once they start coming in - about the only good legacy the previous board seems to have left SHs imho.

But there is still risk here of course so if you're not prepared to wear that then probably better to invest in a divi stock & be amazed when the trial results appear on the 6 o'clock news. It'll still be early days then with much less risk