My take is management know they need something bigger to present the market to raise the required $80M required to go another 12 months and get Azercel into a phase 2 registrational.
The Azercel results we wanted in 2024, will be ready by June 2025. I believe if they can present to the market >90 day durability with a >60% complete response rate on 15 approx patients. They will then be able to raise $80M - $100M with the purpose of funding a phase 2 registrational.
The problem is management started to act like a big time bio research company, raising cash, running multiple trials, non income producing asset purchase, paying themselves more, hiring more people. Basically letting their 3B market cap get in their heads when the stock was in a bubble.
Now they are stuck somewhere in the middle. Big expense line in the sub ASX 300 index's, only able to raise small amounts of cash.
Will they achieve those results on time? Or will the patient enrolments be slow and they need another $20M to limp through until September 2025...
Question is, will it be worth the risk purchasing back in April - May on the punt the Azercel data will excite... ??
I'm sitting on my hands for now. As trust has been broken one to many times listening to Leslie and Paul.
IMU Price at posting:
3.6¢ Sentiment: None Disclosure: Held
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