we are indeed attracted to the same sort of stocks. Onshow -...

we are indeed attracted to the same sort of stocks. Onshow - worth talking to the CEO of another common holding we have about this puppy. He was not negative but was at least balanced and in a previous life was given the job of running the ruler over buying the whole bag of tricks. It was many years ago but they walked away back then. I suspect the progress made since has made it a much better proposition but I wouldn't say the cash burn here is small. I always look at the cash burn v the market cap. The other company is burning $2.5m p.a. on a market cap of $50m so if things don't work out 2 years cash is a 10-15% dilution. PYC is burning $5m p.a. if things don't work out (don't argue folks - I said if things don't work out) and a market cap of $20m so 2 years cash is more like 50% dilution.

Now to balance the negatives - I beleive the optionality of something coming good from their deals is worth the risk - payoff is big it seems. I have been watching for a while but it was 4c when I got interested and I am cautious now days. I would be more interested in a decent size parcel of the options but they barely trade.

Overall it is worth a buy but it has performed poorly since the Dec capital raising so a hard one to read.