Avid Bioservices Inc (CDMO)

[pphmtoolong]

Where we are.

Not where we want to be.

1. Facing a reverse split, but the damage has been done. Always could get worse but probably no reason for it now.

2. Peregrine in solid financial shape. Cash in the bank and much reduced burn rate.

3. Avid still growing robustly.

4. Management still projecting sustained profitability in 21 months. Next quarter may be profitable due to that third party delay in the prior quarter's Avid receipts. Could give a nice bump.

5. Preclinical data shows Bavi not dead yet.

6. Clinical trials run through third parties should start up soon. Not sure how soon they might produce results.

Probably not much to see here for a while. As usual next year could be better.

GLTA, Paul