NightHawk Biosciences Inc (NHWK)

[Titan V]

Couldn't agree more re: the lessons. What I disagree on is revisiting this company if Wolf is still at the helm.

Additional lessons / red flags for future investments courtesy of Heat:

- Heat had articles written about its infectious diseases capability in 2013/14. Going after Zika was a buzz among companies about a 1-2 years ago. Why did Heat create a new zika sub only one month before phase 2 data from its main pipeline? Pivot? Something else to hang on to?
- Clinicaltrials.gov says estimated primary completion date as June 2016 for bladder trial. Why was data being shared only in November 2016, 5 months later?
- Being an immunotherapy company, they were not accepted at any of the major immunotherapy conferences (SITC, EMSO) to present their bladder cancer data, not even for a standing poster. Red flag.
- ComPACT was billed as being a lot better than current ImPACT platform. What does that say about the future of the current platform?

These were things that came to my mind before bladder cancer data was released but I ignored them because of the sudden spike in share price. Most important lesson: think objectively and do not let share price run ups cloud your judgement as you get close to a binary.