I think GTC gave up too much equity for a payoff that won’t come for many years.
I agree with you on that, both the number of shares and the price.
But, apart from that, I have been wondering for much longer why nobody sees the value of this company. It seems nowadays that if there is no immediate revenue there is no shareholders interest. Not only the technology itself is not given any NPV, even though it has been validated by the approval of Atryn, not even the products arriving to the market within 1-2 years are given their due value.
When it takes 15 years to develop a platform and a call it VC investment of $150 mln (which might as well be lost), that is absurd, because it means no other company (their shareholders basically) will be ready to make similar investments in the future to develop something new. Or maybe we only value the unknown venture, but not the fruits of the venture.
