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Same as the Petros deal. Insiders make a lot of money and shareholders are left empty handed.
Shouldn't Nasdaq have delisted them by now?
You can follow a company without holding any of its shares.
Even if there's a positive signal in the data somewhere, we'll still have to wait for years to see new trial results.
And don't forget their ridiculous capital structure where warrants outnumber outstanding shares.
It's not looking good. They have failed to prove efficacy in MMSE 18-14 and MMSE 10-4 patient groups, and then they chose not to publish numbers for the MMSE 14-10 patient group that supposedly did improve.
"Synaptogenix Provides Corporate Update and Outlines Potential Business Opportunities"
https://www.prnewswire.com/news-releases/synaptogenix-provides-corporate-update-and-outlines-potential-business-opportunities-301763508.html
They failed to secure enough votes and that's all.
"The Special Meeting was convened and then adjourned without any business being conducted other than the adjournment. At the Special Meeting, Joshua Silverman, the Company’s Chairman and Chair of the Special Meeting, announced that the Special Meeting would reconvene at a date and time to be determined. There was no change to the record date for the Special Meeting, which is December 20, 2022."
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001571934/000110465923023328/tm237273d1_8k.htm
Small or not, we won't be seeing those results in 2023.
Posthoc analysis for AD and maybe something from the smaller AD dosing trial is what I expect from 2023.
Not gonna happen. You're better off selling your shares and walking away instead of hoping for a liquidation.
I don't expect anything to happen here until Q2 next year. After the posthoc analysis there won't be any news until MS or FXS results are out maybe around 2024/2025, and they will almost definitely need to dilute again before then.
Multiple papers actually, and a Dr. Hongpaisan seems to be responsible for the images.
https://pubpeer.com/search?q=Daniel+alkon
Let's see if they find something in the posthoc analysis next year.
I think I'll stay away from the stock, but stick around for the science.
Almost all the directors + the CFO sold shares after results to satisfy tax obligations for their now worthless options:
https://fintel.io/n/us/snpx
Ouch!
Exactly.
The company exists to develop their drug platform into a profitable product and not to raise money from investors and then immediately liquidate after a failed trial for one indication.
Cash value is irrelevant because all of it will be spent.
This is a good deal because the alternative would be to raise the same amount of money under considerably worse terms next year.
It would be a bad deal if results had been positive.
The warrants are set at $7.75 instead of $1 and they issue shares at $1.55 instead of $1.
If that's a bad deal to you I don't know what to tell you.
At least now they don't have to dilute in 2023, which is expected to be a bad year for the economy.
I don't like Silverman either, but that convertible deal sure is better than registering 30 million or more shares and warrants at $1 or lower.
I disagree. Those $40 million will be gone before they can announce new results and the preferred shareholders will be underwater too because from what I can tell the common shares would be issued at a conversion price of $1.55 at these prices.
That's a 35% loss at current prices if you own convertibles, and the warrants are worthless too unless the stock price increases by 775% within 5 years.
Almost every startup goes through multiple dilutive financing rounds until they become profitable.
An investor that wants to keep the same slice of the pie throughout this process has to participate in each financing round and add more capital until the company can stand on its own legs.
Or you sell your shares and move on to something more profitable.
I should also mention that "private equity" is what finances this company and keeps the lights on, and the company will be more than happy to let you participate in their financing rounds if you call them or their placement agent and say you have a significant amount of money you want to invest in return for some warrants and convertibles.
The 26 million shares were registered, not issued, and it includes the shares that will be issued if the warrants are exercised too, which is not very likely at these prices.
The true amount of issued shares will depend on what preferred shareholders choose to do with their convertibles.
You're always free to sell your shares if you don't have confidence in management. I did warn you before results that the price was going to $1 if the trial failed.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=170520153
If that's what you expect, you shouldn't be invested in this company, or any startup at all really.
This company exists to develop a drug that can be sold for a profit and to do that they need to run more trials and continue diluting.
Buybacks are always used as a last resort for established profit-making companies that have no better use for that money.
Sometimes it's better to just take the loss and move on. It will take a long time for the next trial to produce results and until then they will have to burn through remaining cash and issue more shares.
Cash value is meaningless because the cash will be spent on trials and keeping the lights on until the next fundraising round.
If they run out of cash the shares become worthless. That's why dilution is the better option.
Every startup will raise new capital by issuing shares until they start earning profits, and this one is no exception.
When the price dips below $1 they'll do another reverse split to keep the listing and then continue diluting until they figure out a way to make money.
Maybe the posthoc analysis will give them a reason to do another AD trial, but even then you'll have to wait another 3 years or so before they finish that trial and announce new results.
It's not that crazy once you look at what happened after the last two trials.
When the main business case fails the company uses remaining cash to find a new reason to stay in business and shares become cheap. When cash is hard to get, shares are issued instead.
Unless they pull another surprise posthoc analysis out of their hat I don't see any light in the tunnel here until they show some results in MS and FXS.
That's how it is with these binary plays. Either you hit the jackpot or you get punched in the gut and left on the side of the road.
Correct. They're registering 26 million conversion shares for the preferred debtholders.
They will now spend every penny they have left trying to prove the drug works for MS or FXS.
Price will stay below cash value just like last time because the market is forward-looking and expects further dilution and cash burn.
The good news is our placebo group performed better after 6 months than any other placebo group I've seen lol
Sorry to everyone that lost big on this. I've been there before and all I can say is that day 1 hurts the most and that it gets easier to deal with over time. In the end it's just money that can be earned back later.
"Synaptogenix Announces Topline Results from NIH-Sponsored Phase 2 Clinical Trial of Bryostatin-1 for Advanced Alzheimer's Disease"
https://www.prnewswire.com/news-releases/synaptogenix-announces-topline-results-from-nih-sponsored-phase-2-clinical-trial-of-bryostatin-1-for-advanced-alzheimers-disease-301704807.html
Natural bryo is too expensive and hard to get for commercial use, so the little amount they have will only be used in clinical trials until they run out.
Synthetic bryo is the only version that can be commercialized, so without bioequivalence the company will go under.
They figured out bryo synthesis a few years ago though, so no one is worried about this being a problem. All they have to do is prove its bioequivalency in a short trial.
I don't think timing matters honestly. The results are what they are and they'll be released as soon as they're ready no matter if they're good or bad.
What I see is people being anxious about their investment and reading too much into things that don't mean anything. My guess is many of them bought too many shares hoping for a run-up before results and now they're stuck in an uncomfortable position.
Those people should've done their DD instead of gambling with money they can't afford to lose. You and me have been here long enough to know how this thing works. You build up a position you're comfortable with and then you wait for the results fully prepared to either lose everything or make a lot of money.
Here's an article about the worth of a working AD drug:
https://ipwatchdog.com/2021/10/26/assessing-much-alzheimers-drug-worth/
Keep in mind that we will most likely end up with over 20 million outstanding shares due to future dilution.
Indeed. Investors shouldn't play with fire if they can't handle the heat.
The increased volatility has me convinced we're getting results on Monday morning.
Assuming it takes six weeks, they should have the data tomorrow or on Wednesday, and then it's just a matter of writing a PR and scheduling the release for Monday morning along with a possible CC announcement on Friday if they want to discuss it.
I don't think the second part is blinded. It's just a single checkup at week 42 to see how patients have changed after their last dose.
Blind has probably been broken by now in order to check on primary endpoints and announce topline data.
Yes. Week 28 scores are the primary endpoint which should be announced any day now. Week 42 scores are a secondary endpoint which should be announced next year.
Patients only receive doses in the first part of the trial, while the second part is more about seeing how long the effects last after dosing has stopped.
Should be fixed now.
Which ones are you having trouble accessing? Just point them out for me and I'll find some new links without the paywall.
I like to think if nothing happens on Monday morning the next day to watch out for will be Friday.
Next week will be the second full week of December and exactly 6 weeks after the estimated completion date.
They certainly could announce topline data any day of the week. The phase 2a data was announced on a Tuesday morning for example, but since the last two trial results were announced on a Monday morning, it would make sense that they announce it on a Monday morning this time too.
Then again, maybe this time is different.
Monday morning should be interesting...
Either they drop a stinker or nothing happens because we started counting a week too early.
No need for stop loss orders if you're holding through results. Let's see if they announce something on Friday.