I know the cult followers will be waiting for my comments on the latest quarterly report.
The best news was that they have over 6 quarters of cash on hand. Much better than I thought. Seems largely because their cash burn has decreased markedly. This might be concerning if they are cutting their development work. Maybe they sacked all the sales team they prematurely hired? So overall positive, subject to cutting development which needs to be done.
The worst news is that there’s no update on Novartis. Just a cut and paste from the last few reports. (Boy, they got their money”s worth out of whoever drafted the paragraph repeatedly reused in every update on the Novartis position).
Striking really given SI’s representation eight months ago the announcement would be in a few weeks. One would have thought some substance was needed to explain why the few weeks statement needed to be wound back. This part looks very grim.
Not much to make you think the partnership was likely to progress.
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