Great post sam, love the charts, insights and the open questions...

Great post sam, love the charts, insights and the open questions you pose. But I disagree on one point.

It would be a very hard decision as a board to replace Mark as the CEO as he is, from what you have posted above, doing most things right and getting what I believe to be the most important things right (the science progression). Getting Charmaine in the company in any capacity was the right move. As chairman(woman?), she is someone that Mark would go to for advice, and guide his decisions and define long term strategy. Something that right now is most critical time ANP's history as partnerships/ funding and go to market strategies are almost within grasp. And hopefully support in getting the market penetration we need.

From Charmaine's linkedin "proven track record of executive leadership competence, decision making and strategic thinking. ...had accountability for clinical research, medical safety, medical ethics and patient matters for all development programs and on market products, providing leadership in strategic product development, planning and implementation across multiple therapeutic areas. Under my oversight of the clinical group the company had an unprecedented run of five major product approvals and launches within a 24-month period."

To me, that experience sounds better as someone who is deciding the long term strategy and is thinking beyond the day to day operations. Marks got 20 years as CEO in ANP, is that experience someone you want to get rid of? Or rather get someone to guide him over the finish line?

It surprises me that with all of the recent research reports the shareprice hasn't moved and agree there is something amiss. However, we must ask ourselves, what would 10 more investor road shows done in the past year? Shareprice would be 5x what it is now? And then what? It's more expensive for us to buy I suppose. Or we have have had a partner already who injected more money in the coffers? But then what would we have done with that without the ability to progress into a clinical trial? Maybe a buyout from pharma and made 10 bags? Would it be better to be in a clinical trial or completed one then be bought out having demonstrated maximum value?

For me, I've enjoyed continuing to accumulate at these levels and will do so for a while to go; but feel that the price we can do so at will be far more expensive soon.