Ayala Pharmaceuticals Inc (ADXS)

[cdiddy01]

Nice letter.

Number 4 is what gets at me the most. It's an extremely meaningful objective that is required if you're willing to face reality. Not one hard decision was made by TL to cut or sacrifice anything for the benefit of preserving shareholder capital. This has been such a good ol' boys group that i fear no one was even willing to make those kinds of decisions. Furthermore, execution of 4 extends the runway for 1, providing us more time for results and for NEO to shine while simultaneously getting us out of the PPS doldrums.

All in all - great list! It all depends on KB's chops and willingness to make tough calls while thinking outside the box. None of this is supposed to be easy.