Jess, I say they made and are making bad decisions, probably for unachievable purposes. It's that simple. The results bear that out, without question. Bad decisions and management, resulting in catastrophic losses. People some think smart make bad decisions all the time. In business, in life.
Even Denner, who thought and stated Ponatinib was a great investment for second line, now knows, or should know, broad second line is a remote possibility. Like many new investors here, he suspected Ponatinib would bounce back much more strongly and quickly. He was wrong, and investors now know their gambit would need a lot more time than they ever dreamed. Stuck here with everybody else.
The FDA has scientists, and no matter what folks think about their competence, they have real power to steer drugs into treatment channels. Ariad failed to acknowledge that early enough. Ariad failed to acknowledge lots of signals from many scientists and doctors, too.
The BoD, who are supposed to provide some expertise and oversight here by protecting shareholder assets, have provided this company zero value add. One scientist amongst the bunch, and she came in well after the damage was done. The business folks rubber stamped wild spending way in advance of it being necessary. Top management overplayed their hand, but made sure they got their pay and options.
The BoD overpaid themselves and the CEO, they breached their fiduciary responsibilities, they doctored their records and coerced and bought off their accuser...I want THE TRUTH!!!
