Trevena Inc (TRVN)

[lattices]

Thanks, Xena. I added 20% to my position this morning.

It helps me to write my thoughts out to sort out the competing facts.

Also, possibly we'll bring people with expertise and insight, and I plan to hold some shares. For now, I feel a lot of conviction up to $5, and then I can reassess. It will take a while to get back there, and particularly with CARA's data trending to rather positive, that could underscore that competition is expanding well beyond the generic post-op opiods.

The company seems like a one-compound pony, more or less -- but with a global roll out in it's future, over some time frame, it's worth a heck of a lot more than where it's priced.

I think the company will defer a secondary until the price recovers and they can do some initial explorations on a BP deal. While I can't figure out the size of the market -- and the general stock markets are confused about this -- there are big pharm companies who are more able to try to set value parameters...and BP's have sales forces they need to keep supplied with products/things to do...and marketing departments, and FDA compliance teams..and all the expensive pieces of a big pharm....a deal will make sense, and it's betting $4 on a share today at the risk of a dilution in the summer( while they still have cash) vs the company finding alternative, non dilutive financing strategies.