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How many more cronies does Sneaky Tom, Featherer of Nests, have to hire before the SP is allowed to run?
Sneaky Tom sure is in a hurry to take care of all his cronies. Must be expecting something really BIG soon.
Hmmm...
SESN CHART
How do you define huge given this volume?
It's just an extension on a previous CT on the Roche License Agreement, which still has hundreds of millions in potential milestone and royalty payments. The basic agreement is in the 2016 10-Q, but we don't know what was left out as confidential.
Somebody is buying some fairly large blocks at this level.
I think it is an SEC order relative to the Roche deal from 2016, just extending confidential treatment. Not good or bad news other than potential Roche revenue streams are still alive and well.
SEC extended confidential treatment order related to the Roche deal.
Confidential Treatment Order
Looks like he couldn't beat a monkey with a hand full of darts.
Lol. This is true.
Great news and Yale Jen at Laidlaw downgrades from buy to hold. WTF?
If that is a royalty payment, maybe that explains the rush for the financing, no?
Snuck it in on a weekend just to get ahead of the regulatory update, then kept the details which had been muddied by conflicting PR and 8K a guarded secret until yesterday and finally file an 8K on the subject this morning. The cynic in me says there was a lot of nest feathering, cheap options, and a sweetheart warrant deal that had to be done in a big, big, hurry to beat a major catalyst, partnership deal, or buyout. Probably all good in the long haul, but keeping the follow on offering closing date hidden from shareholders while those connected enough to get in on the offering and could flip the shares then free ride the warrants is utter B.S.
Have to wonder why they did not disclose this prior to August 7. IR completely stonewalled when trying to get an update.
Nothing is ever 100%, but as close as you can get at this point. Buyout is a no brainer. Not sure what kind of poison pills management has in place, but they sure got their cheap options in place in a hurry.
Guessing either a buyout or multiple partners in the next six months. Sanofi sounds like a good suitor. Be great if we get a huge bounce on rumors. Used to happen all the time with bios.
Agree that the presentation was extremely positive. Also confirmed the June financing and $65 million in cash, meaning $5 million spent since June so follow on offering was justified. Connecting the dots with filings, looks like half of offering was scooped up by one investor. It would have been nice if IR was a little more transparent about the closing of the offering. At the end of the day, it was a good thing for getting to market next year. Sadly, no market response when SP should be somewhere in the $3.00 to $18.00 range. Other bios with a less mature pipeline dwarf our market cap. Hope IR will focus on being more transparent going forward and release more news than promotions and options grants. Uncertainty shakes investor confidence.
Delivered with Sneaky Tom's characteristic precision and buried in an otherwise unremarkable PR...
Clay is back! Usually positive.
The cynic in me says this is just an ethically dubious attempt to consolidate shares into "friendly" hands at the expense of retail, after which it takes off.
How can this have a market cap of $86 million when there is supposed to be $70 million in the bank and FDA has already accepted the Phase III data and given fast track for the BLA and additional significant revenue stream possible from Roche? It doesn't make sense. If there were a serious problem, seems like they would be legally obliged to PR. On the other hand, it would seem like they are obliged to PR the close of the SO and should have issued a clarification on the conflicting dates given.
Volatility in biotech is expected. But the CEO appearing to be aiding and abetting is outrageous.
Nice going Sneaky Tom. What’s going on with the SO? Where is the final data cut from June? No information being shared, and SP being walked down on low volume. Guessing the folks at Canaccord and their clients have some insight. What about the rest of us. Very irresponsible of Sneaky Tom.
Management needs to give themselves some more cheap options so they have some news to release.
The dilution may very well be priced in, and could see a pop when they finally report they offering actually closed and have another $30MM in the bank...whenever that may be. Maybe they're waiting for the check from Canacord to clear.
Hard to say why Leslie Dan left, but from his bio, he has to be in his late eighties, so maybe he just wanted to retire after a long and distinguished career. Great guy to have had on the BOD with his experience and track record.
Normally you'd expect it to knock the price down, but you'd also expect it to run back up after all the shorting from the underwriter is over. But this is anything but your typical SO. Conflicting closing dates and zero communication with shareholders. Shame on management.
Wow. Sneaky Tom is still playing hide and seek on the SO status.
No small bio can go at alone. Sales and marketing costs are too high. However, the extra $$ from the shelf offering should put the company in a better negotiating position with partners. Surprised that no one is just buying the company with $70MM in the bank now vs a $100MM market cap...Of course, we don't know for sure if the additional $30MM in funds is in the bank thanks to Sneaky Tom and his Super Duper Double Secret Seasoned Offering. According to the 8K, closing and cash delivery for the additional shares was Sunday, but no news about receipt of the funds today?
Great article. Certainly lots of upside by many measures. They seem to suggest the SO closed in June, but I haven't seen the share count increase, nor has there been a release about the $30MM raised going on the books. Oddly, and contrary to the company's own PR the 8K says the SO closes on July 21, which is Sunday instead of the June 21 date, a Friday, in the PR. Looks like this will all be sorted out come Monday, unless sneaky Tom did something sneaky again.
Don't even know what to make of this...
sesen-bio-announces-retirement-of-leslie-l-dan
Now how about some news to help the shareholders, boys?
Chart is starting to look nice for today.
They’ve got to”stabilize”the price for the SO. Then comes the dilution and $30MM in cash, and probably a lot of flipping to free ride the warrants, then discovery of the real price. This could be wound pretty tight by the time good news hits.
Still betting on appreciation in spite of some really ham handed management. Even the SO flippers are under water right now. Just sell the company for $12/share for crying out loud and put us all out of our misery. Lol.
Maybe the next news will be the closing of the SO. Right now, all we get is SEC filings regarding all the sweet deals for management. Hopefully, they do something soon to justify all the nest feathering.
Seasoned offering, sometimes called secondary, but either way, selling shelf shares through an underwriter to raise capital. Company has offered conflicting accounts of when the offering closes, but its starting to look like July 21. Valid reasons to want more cash right now, but a lot of folks feel blindsided by the manner in which is was handled. At the end of the day, if we're commercial in 2020, it matters little other than long shareholders being used to provide liquidity for buddies at the underwriter and maybe some well connected hedge funds, who got an exceptionally sweet deal out of this while everyone else gets short term heart burn.
Suspect everything is aligned with the “double secret” SO right now. Waiting for the pop.
Don't even know if the offering has been completed yet. PR said June 21, then they filed an 8K stating July 21 (A Sunday. WTF?). Meanwhile, share count has not increased and no PR announcing completed. SESN management seems to want confusion around this. Company looks solid with great upside, but they are pushing the envelope to keep buddies at the underwriter and hedge funds happy.
Wondering what happened with the June data cut. Holiday week is over Monday a.m.
All good reasons not to be on the sidelines right now, add to that that management has proven themselves to be very sneaky. A partner or buyout would not surprise me at all.
They didn't mention it on the regulatory update call on June 10, even though the preliminary prospectus had been filed on June 8, the Saturday before the call. Moreover, during the June 10 call Tom Cannell talked about the "strong balance sheet" and having "a cash runway into 2020" plus he added that they raised an additional $3.4MM from warrant exercise. Can definitely see why folks feel blindsided. Looks like they were in a hurry to get the SO in before the price ran too far away for the underwriter's taste.
Or someone wanted in. ;) It's hard to read the market with the SO sitting out there. All kinds of hedging games can be played, esp. vs the warrants. It would be nice if management was a little more clear about the closing date of the SO. PR says June 21, a Friday, but the 8K says July 21, a SUNDAY. Something doesn't add up. Then there was the 13g for 9.2 million shares last week. Were those bought on the secondary market or from the SO? Back up to 1.48 now. Crazy.
Where's the final data cut, Tom?