Cytodyn Inc (CYDY)

[BlackDoggie]

The fact that we have no news, while annoying, literally means none of that. In particular:

- They are not required to PR full enrollment, and may choose not to at this point. They may be enrolling patients still... or they may not. We have no idea.
- PE pushed into Q1 (at the least!)... see above. It's almost ludicrous to insinuate that it would push into Q2 at this point. Didn't you previously suggest that they could enroll at 4 patients per month, maybe 5 with the relaxed standards? That would mean you'd expect that they would enroll 10 by December 12 (two months from FDA meeting), or roughly Christmas at the slower pace of 4 per month. Hard to see how that goes beyond Q1 for results even in a worst case scenario.
- "Desperate repricing of options would have been a waste..." First, I don't see it as desperate at all, I think it's a brilliant move if you have/expect great data. Would you rather them release great data and immediately raise funds through issuing additional shares and warrants? I wouldn't. I'd rather them provide incentive for current warrant holders to convert, thus not increasing shares on a fully diluted basis. I agree that it appears, outside looking in, that the timing was mishandled, but the company does reserve the right to extend the deadline at their sole discretion. I don't think that would look great for management, but it wouldn't make it a waste (or even a bad move) if it generated the intended cash.
- Another round of Paulson dilution... see above.

Not to say that I like any of this. I'm annoyed by the fact that we haven't seen interim data, and have expressed my displeasure regarding the overall handling of the warrant repricing vis a vis trial results.

I do, however, agree that meeting their own stated timelines would be nice. They chose to put timelines out there - even if they were hopeful/soft, as misiu rightfully suggested - therefore they should do their best to meet those timelines. If they weren't sure they could meet them, they should have been more vague or omitted timelines entirely. If they're trying to live down past mistakes regarding optimism, they're off to a slow start.