PBT2, page-10

Thanks for the response Pivalde. All interesting points. On the issue of shorts, I don't believe the amount outstanding is sufficient enough to have a meaningful impact on price. IMO, given market conditions, there is very little interest in the small caps and even less in the speculative end of the market. Price moves will be fully dependent on news flow, which is lacking.

Think back 18 months and news of a new patent or any other lackluster announcement, saw volume and price explosions. The majority of Biotechs (think BNO, IMU, AMI) are down 50%+ from 2022 and even more from 2021.

Until market conditions turn, or in the absence of a huge announcement, this end of the market will remain depressed. The tide will turn and it will be like a ball being held under water that is finally released. It will happen with velocity and in a very short period of time. My guess for what its worth, is it will happen when monetary conditions are loosened. IMO, it will be in 2024.