"Wow. Nice first 12 years", pretty much sums it up perfectly again IMO, great post. Spot on again IMO.
Or, we can just take it in their own words, from their own 10-K(s):
"We are a development stage life sciences company with a limited operating history and a history of net losses and negative cash flows from operations. We MAY NEVER be profitable, and if we incur operating losses and generate negative cash flows from operations for longer than expected, we may be UNABLE TO CONTINUE OPERATIONS.
We are a development stage life sciences company and have a limited operating history, limited capital, limited sources of revenue and have incurred losses since inception. Our operations to date have been limited to organizing our company, developing and engaging in clinical trials of our MyoCell product candidate, expanding our pipeline of complementary product candidates through internal development and third party licenses, expanding and strengthening our intellectual property position through internal programs and third party licenses and recruiting management, research and clinical personnel. Consequently, it may be difficult to predict our future success or viability due to our lack of operating history. As of December 31, 2013, we have accumulated a deficit during our development stage of approximately $118.2 million. Our MyoCell product candidate has not received regulatory approval or generated any material revenues and is not expected to generate any material revenues until commercialization of MyoCell, if ever. Since inception, we have generated substantial net losses, including net losses of approximately $3.1 million, $4.0 million, $4.7 million, $5.2 million, and $4.4 million in 2013, 2012, 2011, 2010 and 2009, respectively and substantial negative cash flows from operations. We anticipate that we will continue to incur SIGNIFICANT and INCREASING net LOSSES and negative cash flows from operations for the foreseeable future as we.."
YEP, $118 MILLION down the ole drain- and what, what is there to show for it today? Oh yeah, a "webinar" and some "conferences". Forgot. Oh, and some handsome pay and options and tripling of base salaries for the two, key insiders among other things.
And from 10-K ville, the golden hit parade:
"Our MyoCell product candidate is NO LONGER protected by patents, which means that competitors will be free to sell products that incorporate the same or similar technologies that are used in MyoCell without infringing our patent rights. As a result, MyoCell, if approved for use, may be vulnerable to competition in the form of products that use the same or similar technologies. We have previously licenses certain patents and patent applications relating to our MyoCell product candidate. These licenses have ALL LAPSED as of the date of this report, although we have had discussions with the relevant licensor regarding a potential reinstatement of our rights in such licenses."
But hey, it's all cool IMO. A couple of "talks" and some "conferences" and a "webinar" and shoot- a $BILLION is just a hop, skip and a jump away- I mean, what am I missing? No cash- shoot, when did that ever matter when doing FDA, phase II or III level trials, right? And who cares you now have no patent on the ole, big "flagship" product "Myocell"? When did that ever matter IMO? Shoot, who cares? 200 million shares sold/diluted in 2013, and you end the yr with $46K cash on the balance sheet- and THEN HAND OUT SALARY INCREASES and big BONUSES, why the heck not- it was a banner year IMO, right?
Party on Ted. It's all good. Cool. Going swell IMO.
Oh, and don't sweat the "little stuff" from the 10-K's like:
"Our Ability To Continue as a Going Concern
Our independent registered public accounting firm has issued its report dated March 24, 2014 in connection with the audit of our financial statements as of December 31, 2013 that included an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concern. Our financial statements as of December 31, 2013 have been prepared under the assumption that we will continue as a going concern. If we are not able to continue as a going concern, it is likely that holders of our common stock will lose all of their investment. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty."
Or, more hit parade favorites, since the cheer leading squad was rolling hot and hard all day:
" Risk Factors
The risks and uncertainties described below are not the only ones facing us. Other events that we do not currently anticipate or that we currently deem immaterial also may affect our results of operations and financial condition. If any events described in the risk factors actually occur, our business, operating results, prospects and financial condition could be materially harmed. In connection with the forward looking statements that appear elsewhere in this annual report, you should also carefully review the cautionary statement referred to under “Cautionary Statement Regarding Forward Looking Statements.”
Risks Related to Our Financial Position and Need for Additional Financing
We will need to secure additional financing in 2014 in order to continue to finance our operations. If we are unable to secure additional financing on acceptable terms, or at all, we may be forced to curtail or cease our operations.
As of March 24, 2014, we had cash and cash equivalents of approximately $211,632.80 and a working capital deficit of approximately $13.4 million. As such, our existing cash resources are insufficient to finance even our immediate operations. Accordingly, we will need to secure additional sources of capital to develop our business and product candidates as planned. We are seeking substantial additional financing through public and/or private financing, which may include equity and/or debt financings, research grants and through other arrangements, including collaborative arrangements. As part of such efforts, we may seek loans from certain of our executive officers, directors and/or current shareholders. We may also seek to satisfy some of our obligations to the guarantors of our loan with Seaside National Bank & Trust, or the Guarantors, through the issuance of various forms of securities or debt on negotiated terms. However, financing and/or alternative arrangements with the Guarantors may not be available when we need it, or may not be available on acceptable terms.
If we are unable to secure additional financing in the near term, we may be forced to:
· curtail or abandon our existing business plan;
· reduce our headcount;
· default on our debt obligations;
· file for bankruptcy;
· seek to sell some or all of our assets; and/or
· cease our operations.
If we are forced to take any of these steps, any investment in our common stock may be worthless."
All sounds cool to me. Can't see anything wrong there IMHO. Shoot- I mean, what could possibly go wrong IMO, with that "story" above.
Nope, just keep telling about "talks" and "seminars" and shoot, everything now from erectile ED, to animals, to orthorpedic, to eye stuff to, blah, blah- practically every disease ever known to mankind it looks like- will have a "study" soon with these guys, it appears IMO. What happened to the big phase III and being a "heart" company, as in BioHEART? Who cares? Get out a here- what's the difference, right? A couple "seminars" and "awards" and "conferences" and shoot- a $billion slam-dunk easy IMHO. Easy. Can't see what anyone would not see or miss on this one? No way, right? Cash, cash flow- who needs it. A couple of "conferences" and it should all be "in the bag", yep. I mean, "webinars" and "conferences" always lead to an FDA approved product, right? That's the way I see it IMHO. Yep. No sweat at all.
Set your watches. T minus, about 7 hours- and "the team" will be on board- and we can re-hash the entire history and every old PR and link and blah, blah from A to Z, starting all over again tomorrow. Shoot- what's not to like, right?
All my opinions of course- and like "the team", not a " recommendation to buy, sell or trade any stock or security or suggest or influence about anything or any stock or security or company or planet or business or favorite food or anything else, just all my own, 2 cent, lousy opinions."
Good luck of course to all.
