CU6 - ASX Charts, page-2233

My interpretation of the pipeline pruning strategy aligns closely with the official announcement: it's about extending the cash runway as much as possible to avoid having to raise capital at current low share prices - if a raise is needed at all.

In the Frazis interview, Alan repeatedly emphasized that there is no mandate to raise funds right now. He also noted the potential for certain assets to be monetized earlier than previously anticipated. It's worth remembering that his earlier strategy was to build a company attractive enough to fetch a high price in a buyout. That helps explain the prior focus on breadth - developing and advancing multiple high-quality assets simultaneously.

It’s also important to note that the full Frazis interview was longer than the version that was released. Some content was trimmed to fit the desired runtime, and MF himself implied this in a subsequent write-up.

Interestingly, following the interview, Michael bought shares on the open market - just like many of us. We know his fund participated in the 2024 raise, so it’s possible he was also expecting another raise (especially after selling much of what he acquired last year). Given that his fund is currently holding its highest-ever level of cash, it wouldn’t be surprising. He also made a comment suggesting that Clarity likely doesn’t want short sellers to profit from the situation.

Now, who else could inject capital? Enter the Telix question!

We know that Telix has expressed interest in a partnership. They're flush with cash - more than they seem to know what to do with. That’s great. What’s less great is the questionable quality of some of the assets they’ve been acquiring.More significantly, Telix’s main revenue driver, Illuccix, may be facing competitive threats sooner than expected - not even from Clarity. Illuccix was approved in December 2021 via the 505(b)(2) pathway, which typically grants three years of market exclusivity for the same indication based on the same data. On those timelines, that exclusivity potentially expired already in December 2024 (I don't know for sure). After that, other companies could submit 505(b)(2) applications for similar products using 68Ga-PSMA-11 and the exact data that Telix submitted for approval, provided they avoid patent infringement (different type of kit).

Everyone and everything has a price!

Telix could return with a more compelling offer and project "ClariX", with a set of products named "CLX", could be born. Personally, I’d prefer that scenario over Cu6 being sold for anything under $15 billion! I want more than that!

Enjoy your weekend folks!