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Thank you for this! This will be post of the week for me. I'm dying laughing. The simplicity for which you explained the LM platform and how listeria fits into all of it is amazing. Pure Genius.
Thank you.
HAHA. TC, I knew you could get behind that one. I hope it can change without the need to oust u know who...
Wholeheartedly agree. Balls in his court. Time is of the essence and we're gonna need a fair bit more than 20 million. Lets see what he can do. Redemption time!
With nobody to answer to, they can vote for whatever they want at any time and make ADXS their personal ATM… I hope Berlin has some brains, integrity and motivation to do more than his worthless predecessors ever did.
I'll admit, the 150k one-time bonus for him raising =>20$ million is absurd. It can be achieved through any means necessary. This company knows no bounds.
I do agree with this. A combination MBA/experience would have been the most preferable. My hope was that we'd have someone not tied to Sindrasky, alas, that was too much to ask for. We have a serious leadership/mindset problem at this company, imo. It's also unfortunate that this particular "experienced" CEO presided over a company that had its share price crumble to nothing.
In the end... I'd probably take an MBA not tied to Sindrasky over this guy any day.
Are you saying management still needs to take their red pill? and dilution at 2 dollars isn't a reasonable strategy... we agree.
Let's hope they have a reasonable plan of action already figured out.
Haha! I like that one. Straight and to the point.
I always assumed it was a play on ignoramus --> i.e. ignorant
Think about [insert] .. also be creative.
But who knows... lol
IDK, how would you judge their execution so far? Intention and reality are two different things. Do you think if they were faced with a decision that would benefit shareholders over themselves and their paycheck they'd do it?
I've maintained they're out over their skis on this. Intended or otherwise, they appear to be getting checks and not sacrificing much. I think this board gives these guys (management) far too much credit for what they're doing. Results are the barometer and we haven't seen any in years.
Ken will be given his chance.
Someone mentioned the cash burn was just under 13 per qtr, that could have been bad information. The ATM was tapped prior to the secondary, which is why I stated we raised over 20. Bottom line is, we need something to change drastically before anyone should start feeling better about this..
I assume the recent cash raise should get us through at least this quarter and next. We raised over 20 million between the issuance and the Cantor ATM. Our cash burn isn't high enough. Following that, all bets are off. Hopefully the ADXS landscape is different by then anyways...
I stand corrected. Going concern doubts should be evaluated on all financial statement disclosures. I incorrectly tied it to their annual audit report from their independent external auditors.
Likewise, this was on ADXS 10-K: Disclosures of Uncertainties About an Entity’s Ability to Continue as a Going Concern. The new standard provides guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years. The Company has adopted this standard effective for the year ending October 31, 2017.
The auditors "going concern" report is conducted annually, we won't have to worry about this quarter.
Exactly! An EVP from Amgen would have been spot on at this juncture and for multiple reasons. Or more broadly - how about someone that has a proven track record? How about someone not tied so closely to Sindrasky? How about a heavy hitter from the business world with proven business chops?
That was a nearly impossible question to answer on its face. We'll know more about what KB is capable of following the results of the hold, which will hopefully be soon.
Nice letter.
Number 4 is what gets at me the most. It's an extremely meaningful objective that is required if you're willing to face reality. Not one hard decision was made by TL to cut or sacrifice anything for the benefit of preserving shareholder capital. This has been such a good ol' boys group that i fear no one was even willing to make those kinds of decisions. Furthermore, execution of 4 extends the runway for 1, providing us more time for results and for NEO to shine while simultaneously getting us out of the PPS doldrums.
All in all - great list! It all depends on KB's chops and willingness to make tough calls while thinking outside the box. None of this is supposed to be easy.
Yes - give him a chance. But his options are priced in at zero dollars for the science. He's basically guaranteed to make money with the 100's of millions already spent on developing this platform by many here. I'm just concerned if he does the right thing for LT shareholders or not when it comes to financing/execution etc.. Time will tell
This volume! 25k shares traded after an hour. Brand new executives. No one is willing to touch this thing, yet.
Nope, I don't see any real downside either. Especially if you consider what some on the board are stating, that they held back news for him to announce in the near term. They couldn't have tee'd this up any easier for him. His options are priced at all time lows to boot. He should be just fine...
The 150k one time financing bonus is for raising =>20 million through any means he deems reasonable... licensing, issuance, partnering etc.
LOL - well maybe it was more PG-13 then...
I hope you kept it PG. Also, did you ask him what date the planned buyout was moved to? It would be nice to know.. haha
There will be a need for more cash in the near term. They're not going to run this to nothing. The ATM at these levels brings in very little cash and will cost the company significantly equity wise. The options just need to be in the money when exercised - a drop below 1.62 is not going to negate them being in the money later. Anything is possible.
Interesting. There's no way this guy was our first pick. Plus all the money/shares we threw at him just to come....
I pray NEO knocks it out of the park quickly so this guy isn't responsible for much, other than asking for more money from BP. This has to end.
Yep - its the potential issuance option, coupled with the 30mm shares outstanding that has me the most worried. I suppose the options price (still cheap though) counter that tendency in a limited way, but at this point anything is possible. I wish they would have worded it slightly different. A partnership will likely have a dilution component as well.
Thoughts on the special one time financing bonus? Company agrees to pay Berlin 150K for closing a financing deal through equity, debt or licensing deal, with proceeds of 20 million or more. I suppose this is standard OP.
Truthfully - all this stuff just makes me sick. Problem is I don't follow executive pay enough to know how egregious this is. I know we pay handsomely for each and every change of control (executive) and it seems to be what we do best these days.
520k base pay seems a little rich to me, w/55% annual bonus opportunity. 150k sign-on bonus as well. I don't really follow executive pay much so its hard for me to discern exactly where that falls. His 750k options priced at basically all time lows is just dandy.
A hire from ROSG (and Sindrasky) following 10 months with an ICEO is not the kind of news i believe anyone wanted. Yes, people are emotional, but this was not the kind of news that elicits confidence in a company that's trading at cash value... You may disagree. I found it reasonable for people to be upset and emotional over the ACTUAL news and not just that there wasn't a buyout.
Eeeeek. Now that certainly doesn't elicit much confidence. Unbelievable fall from grace. Thank goodness the past doesn't always predict the future.
I can't believe you're impressed with this hire or outcome from the blackout either. While I agree he shouldn't be crucified and time will tell - its absolutely reasonable for ADXS shareholders to be underwhelmed and disappointed (once again) by todays news. IMO
Well said! Now lets hope we get a fiscally responsible and prudent CFO to go along. Sara's actions and her article were a dichotomy on financial discipline.
There's some serious delusion going on somewhere with this company and its ability to execute on what it thinks its capable of and reality. IDK if its the science (infancy), the management, the investment community, all the above. Unfortunately, this "blackout" news does nothing to assuage longs and silence the naysayers or shorts. We're down this low without any major problem with the science. Plus, they've continued to spend cash as if it wasn't going to be a issue going forward and still nothing. I'd love to see what we've turned down so far and what BP truly does think about this 16 year old PHASE 3 company. I can't believe we're here just because we're unlucky. I hope a board member writes a book one day, or maybe Petit, as this whole company is still one big mystery in my eyes.
Agree - but a 10 month timeline? And an interim CEO to boot who's pedigree is M&A. I think this company is having a very difficult time executing on anything they believe they can accomplish. I'm not sure where the disconnect is, but things aren't going as planned.
I think deals fell through at the end of year last year. Who knows where they stand today.
Many people here speculated that the reason there were no deals was to maintain the company whole in order to be sold outright. humph.
And all that time he was touting shareholder value? Why didn't he just say I'm here during this transition. He hired our first CMO in years - that's his only legacy. Problem is no one trusts this company anymore, especially the investment community.
haha! It'll certainly be colorful... in more ways than one.
Honestly...
I'm just waiting for Hornets take on this whole thing. Should be a good read. (not being sarcastic)
Welp, safe to say they’re trying to make another run at this. Can’t say I’m excited about it. 10 months to find this guy and our problems are still abound. The CMO position finally filled is a positive though, even if it took years to accomplish. 30 million shares locked and loaded. I’m already exhausted.
This ^. I'm not sure I can handle another round of this. Nor can the company.
So this agreement would not permit them to discuss anything unrelated to the combo trial? They must cease all comms while none of their other trials are affected? That’s a tough one to believe imo. I suppose you could be right though and that’s just how TL wanted to handle this hold company wide...
Couldn't agree more. Well said.