I'm Out, so SPL should rocket higher, page-27

This is an interesting discussion. When does it become worth a punt let alone an investment?

IMO it is a punt until a timeline is announced, realistic shows purposful achievement and shows how and when next steps can be achieved . With the history of board and management IMO it will be difficult to tell ahen this occurs so IMO a managment change in culture IMO would have to be evident.

Placing a value on progress fees should meaningful progress be made is again a mystery as these deals done so far back when IMO managemnt was even less mature . Meanwhile you ahve constant downside of patent value erosion and managemnt / business expense.

IMO SPL needs a reset on so manty levels from disclosure , clarity to make it investment grade so simply a monetary target is not representative of that.

Downside risk - well we have seen that play out for so long now and should poor news actually be announced it could crunch the price significantly
Upside potential. Outside ASX 300 now so less eyes so I suspect there may be many opporunities for entry should a realistic positive newsflow start but without hard numbers ,dollars, results , direction and dates there will not be a lot of confidence IMO

So what happens if a trial comes back with good outcomes - the timeline and unknown payment structure . Managment will no doubt achieve KPI ........... and shareholders will be in for a looong wait again.

The failures - are they failure products and programs or still have potential ? These have been a distraction and show the deal making ability and commercial ability of company IMO- Not a good look. Without clarity of why so many programs with potential and products that were developed have gone into the abyss or simply no relevant sales? Every new development has to be looked at very cautiously given that history especially teh butting heads with regulators.

Is there potential and timeframe- yes and unknown. For me not investment grade and still a risky punt to be in early as shown by declines in last 12 months