Avid Bioservices Inc (CDMO)

[JamesGMS]

bidrite, thanks for sharing your impressions re the recent Lias presentation - particularly his revenue goals - but perhaps more important, his continuing inability to talk forcasts, capital structure, and possible future dilution.

Fairly solid presentation. Few take aways: "Residual value in R&D that will be recognized in the short term". Very solid regulatory track record rivaled by only the largest BP"s.

All the folks claiming Ronin isn't in this for Avid capabilities are completely wrong IMO. This guy clearly knows what he's doing in the CDMO world has eyes set on a number much larger than $200M in revenue. That seems to be tip of the iceberg.

Now for the negatives. He was very uncomfortable talking about forecast, capital structure, and future dilution. You can clearly see his body language and tone change when those subjects were addressed.

Corp posted the following to which North responded with an intriguing question:

"$100m in sales should result in a pps of $10 - $15. Let's hope they can execute."

Would it make a difference from what source those sales arise"

1) Sales of Bavi-related pipeline?

2) Sales or revenue from new/old CDMO customers?

If #1 {as well as #2 of course} turns out to be the case {Think Licensing Deals - CAR-T being one example}, then a logical explanation immediately presents itself for all three of the issues you cite - and to which one would think a professional such as Dr. Lias would be more than prepared to respond - at least in normal circumstances. But instead, as you and others have consistently reported since the AGM, he continues to labor mightily to make any kind of coherent statements concerning these issues - meaning, for some reason, we are not "in normal circumstances."

Remember - if North's reporting is correct - Dr. Wolchok has a human clinical trial designed and ready to go - he's just waiting on the company.

Just sayin . . . . . . . . .

Have a nice evening.

James