I'm replying a little late to you, FBG. You say, "But starting from a clean slate with the new investors he has brought in, he has yet to generate any value. That's why it bothers me that he keep coming back trying to get more management compensation. Generate value for your shareholders first, then let's talk! It's a basic concept of performance-based incentive pay."
Feeling that DOC has not created realized shareholder value yet is a POV that only makes sense with companies that have ongoing businesses in which it is possible to do things in a matter of a year or two to create tangible value. I've done turnarounds, so I know what I'm talking about. Ongoing companies that have been operated poorly, but that have valuable assets and enough cash flow to stay alive, can usually be turned around in 1-3 years.
BUT, ADXS is NOT that kind of company. With cancer science it takes YEARS to generate tangible value the market recognizes. DOC has worked miracles getting money to fund the trials we have which, in time, will generate value. You're expecting too much too soon.
If ADXS is not worth $1B in ~2 years, I will agree DOC has failed. But, it would not be a failure of how he managed ADXS, but a failure of nature to work the way ADXS science believes it should.
Finally, your point, "...he keep coming back trying to get more management compensation." First, much of the additional management comp options/shares are for new members of the management team he is building out. Second ALL of his shares/ options are taken as part of an already-defined compensation plan in which he COULD, if he chose to do so, take the value of the options/ shares in CASH. So, to the extent that his cash compensation is reasonable (and it is), whatever he takes in options/ shares is reasonable.
If I were on the ADXS BOD, I would be determining Dan's compensation not on pps, but rather on whether he has been moving the science forward and keeping the cash coffers full. He's done both. Thus, he's given the science a chance to show itself right or not. If the science is right, shareholders will make 5-10X their investment -- but ONLY WHEN THE SCIENCE HAS PROVED OUT. It is not "there" yet, but DOC has given ADXS all it needs to answer that question. Thus, he's worth every penny in compensation we have paid him.
I understand your frustration that ADXS pps is not higher than it is, but ADXS pps is not materially different from many other highly speculative biotechs, especially for one working on a virtually unique mechanism that many in the investment community do not understand. Think about it, if you were an analyst, learning all about CAR-T would allow you to follow 10-20 companies. Learning all about Lm allows you to learn about 2 companies Where do you spend your time? Thus, ADXS has low visibility on Wall Street.... which only advantages us because it allows us to buy cheaper shares for a longer period of time before the (let's hope) inevitable Ph3 AHA!
Hang in there...
