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What are the odds the Scilex SPAC blows up? I think pretty high so if you're counting on that asset to provide liquidity, think again.
I'd like to think that the new CFO carefully analyzed the situation at SRNE and decided to become CFO because it's a real opportunity rather than a place to earn a little bit of coin while she's figuring out her next gig (if there is one). After all she is 66 years old and this may be her last job before retiring. I just don't see how Henry could attract a world class CFO given the situation he is in. The whole situation boggles the mind. At least my mind. As a former CFO myself I wouldn't touch that job with a 10 foot pole. There's just simply too much downside. What if some of these shareholder lawsuits gain traction. The last CFO is dead (RIP) the previous CFO is God knows where (hiding?) so she's left to explain the finances of the company. She can hide behind I just got here I suppose, but eventually that will break down in court. Seems like soooo much downside and not much upside.
$45 million
What's interesting to me and makes me go hmmmm is the headlines are about hiring a CFO for Scilex. You have to read deeper into the PR and 8-K to understand she's also the CFO of Sorrento. I also wonder if Scilex will require a full time CFO when they're public and what that means for Sorrento. Thoughts?
I did vote yes on the auditors, but no on everything else.
That said, it won't matter everything will be approved.
Well, Henry has hired a CFO for both companies: SRNE and Scilex. Looks like 50/50 given that comp. and options are the same for each firm.
She is 66 years old which quite frankly is pretty old to hire a CFO, but whatever. She was previously on the BOD and I think on the board's audit committee so in theory she should know in detail what she's signing up for.
Not a chance I'm getting in. I've made all the money I'm going to make on this stock by being short and covering at about $2.00.
Anyone who still has any sort of meaningful position of this in their portfolio needs to sell before the stock goes to ZERO.
My main point is these are index fund and ETF investments by Blackrock and Vanguard. Don't you get the fact that no portfolio manager at either firm analyzed SRNE and decided to buy on the merits. These firms only bought because they had to have so much of SRNE in their index funds. That's it..
How's everyone's day going? Another 52 low.
I don't know what the all time low is, but the stock is heading there.
It doesn't matter anymore if Ji actually has anything. This company is for all intents and purposes DONE.
Read the book Woke, Inc. and you'll understand what Blackrock is all about and it isn't good, certainly not to trust. Really smart guy takes Blackrock to task.
Woke, Inc.: Inside Corporate America's Social Justice Scam
Book by Vivek Ramaswamy
Working out great for me. The stocks at $1.70. How's it working out for you - down 90%+ right?
For the umpteenth time. Blackrock buys because of index funds and ETFs.
Blackrock is NOT buying because portfolio managers are making investments of clients money.
It must be in the biotech CEO handbook to post a bunch of jobs on the careers tab of your website, at indeed, linkedin, etc. to stir up the retail base, get them excited about the idea that the CEO MUST KNOW something or why would he post it blah, blah, blah. You can got to 10 message boards of crappy, zombie biotechs that all have the same conversation about job postings. All I'm saying is posting doesn't mean anything. In fact, my guess is Missling had someone find those job descriptions at the Pfizer, Merck, etc. career page and copied them.
The thing about this market is that everyone acts so surprised and sells stocks and bonds when a FED official is hawkish on raising interest rates. Well, duh. There is absolutely nothing new about that and as usual the market overreacts. It does get really old watching this crap happen day after day.
Why do it?
Simple
For show
Missling's going with woke language in job descriptions by using "he/she/they." That alone is a fireable offense for a CEO. He's more worried about not offending anyone on Mt. Pius than he is about concluding drug trials. Just another way Missling is a joke.
Posting jobs in one thing. All it takes is writing up a description. There are many biotechs that trade below cash (I know not AVXL) that in some cases have 100 jobs posted and shareholders say "look good things MUST be coming because they're hiring" and the companies end up on the pink sheets recapitalizing and restructuring.
In short, job postings mean NOTHING.
Come back with your argument when these positions are filled, how fast they were filled and the quality of people filling those jobs.
That's what MATTERS.
I guess we won't hear anything until managements' stock options are priced.
A2-73 is being withheld from the placebo group for the first 48 weeks of the trial. I think that's around 1/3 of the 509 participants.
Sorry, wrong about that. Strike price at grant date so after shareholder vote.
Missling's strike price is fixed already.
What if that's true? So what? SRNE won't be a player with the big boys in control. Not going to happen.
Let me start by saying I have no idea how it works in Australia's healthcare system.
I am somewhat disappointed that the AD trial patients haven't had such obvious improvements that the trial wasn't stopped to give 2-73 to the placebo group. As some on here have said before, including me, it seems inhumane to knowingly withhold a drug that works from a group a AD patients. So, what that means to me is that the trial isn't a showstopper. It might turn out to be just fine, but not the home run we hope for.
This is why Missling is so frustrating....he doesn't share anything substantive on his thinking. My guess is that he did what some on this board advocated. Namely, a focus on Rett to get it across the finish line, gain credibility, revenue, etc. and also on AD since he was on Phase 3 or 2b or whatever with its giant potential as a value creator. Everything else would have to wait - i.e. no movement on PDD or PD. I don't have any issue with this thought process. My issue is with Missling's distrust of his shareholder base by not explaining any of this to us so were left with educated guesses, game theory and outright speculation. At the end of the day MIssling is exactly like most small biotech CEOs.
I know that's the cabal's game, and while I don't completely discount that possibility I'm also not concerned about it either. I'm more concerned that Missling isn't aware that with the low stock price he is vulnerable to a takeover at a very cheap price. I know Missling has these preferreds, but that won't protect him if someone offers double whatever the current price is. That's true for many biotech companies at this point. The only reason biotech buyouts really haven't started in earnest is that the big boys are waiting for further drops. In effect trying to time the market, which everyone knows is a dumb, impossible idea.
With Henry diluting every day I'd like to know the profile of people who are buying this garbage. Someone is buying it and probably from a boiler room situation. I also suppose it could be shorts buying from the ATM to cover.
At this point I think this stock is going to $6. It has tried gallantly to hang on to a 66% decline from it's high, but it's getting weaker by the day and now I see an 80% decline like many of the other small biotechs. Right now most biotechs with no revenue, no approved drugs and burning cash are un-investable. Not based at all on what could happen, but the assumption of nothing happening. It's a great opportunity for believers.
This feels a bit like a death watch in a hospice center.
BTW - that picture of all the smiling employees on the Covimark site is from about 5 years ago. SRNE couldn't get enough employees to smile and take a new picture.
Again, what a joke of a company.
In general this take is correct. That said, I don't believe Missling is "forever tainted," but he doesn't and won't get the benefit of doubt until he is very close to FDA approval on at least one indication (probably Rett). If the AD trial is successful and he gains approval in Australia he will instantly regain credibility.
Without a binary event, I believe that when anyone loses credibility over a period of say 5 years it takes at least that long to regain that credibility (5 years). And it takes tremendous, intentional effort.
So! All that's happened is value from these acquisitions has been destroyed. A couple may work out but on the whole from a SRNE shareholder perspective the acquisitions haven't worked. Look at SRNE's stock price.
Bob H., the Celularity CEO, is going to love Henry when Henry dumps all of the CELU stock SRNE owns the minute he can, thereby crashing the CELU stock price. There's not enough liquidity in CELU to avoid that from happening. Unless CELU keeps moving up before July Henry won't get close to $200 million for those stock sales.
100% agree with the notion that option grants should me tied to major shareholder value creating achievements...initiating and finishing are good things, but shouldn't drive vesting of options.
Missling's job is to get a drug across the finish line - meaning FDA approval and sales - that's when he should earn MEGA BUCKS.
Barely....let's see what Q1 shows.
He didn't leave for a better job.
HE LEFT FOR THE SAME JOB.
You are making it personal. Whether I "like" a CEO is irrelevant. My post had nothing to do with "likeability" at all. What it had to with was execution as a DRUG COMPANY CEO. He has not demonstrated any ability to do that. He can't get trial results right, how can anyone expect him to get a drug to market - that's a lot of execution.
I am making a distinction between an operating CEO and a financial CEO so don't come at me with he's raised a bunch of money, been smart with his spend, etc. That doesn't matter now. Only operational execution.
Friday after the close SEC or bankruptcy filing?
Anyone wonder why General Counsel left so abruptly? Just like the CFO before the last one. (won't mention the last one). Some folks are speculating problems with Henry as the reason.
These kind of things are just funky and can't be swept aside and ignored. Where there's smoke, there's fire.
As usual stock craps the bed as the market closes. Up all day and scaredy-cats afraid to hold over the weekend. Don't they know Missling doesn't have anything to announce and even if he did he won't do it on a Monday.
Bottom line is wall street investors don't believe Anavex has the goods. Part or perhaps all of that belief is the responsibility of the CEO.
I'd like to believe Missling is smarter than everyone else and all of his actions are part of giant master plan to create at $100 billion market cap company. I don't view that as an investment thesis, more of gambling one.
Everything that has happened, particularly with Rett, is a self inflicted wound by a CEO inexperienced in execution. If I'm right about that there is zero chance this CEO can commercialize anything. Someone else will have to do it.
I would like to believe that you are right - that Missling is only about maximizing shareholder value and that he is deliberately suppressing the stock price in the short term to do just that. Seems pretty risky given the medical problem he is trying to solve.
Blackrock holds those shares in their index funds because they have to.
In other words no portfolio manager at Blackrock analyzed SRNE and said lets buy some shares.
This is a mistake I've seen a million times. Retail investors say so and so owns shares when in fact it's their index funds or ETFs. Yes, they own the shares, but not because they want to.