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Monday, June 18, 2018 12:58:35 PM
Notes:
[1] Reported as cost of clinical studies and development research. Excludes R&D related payroll, stock-based compensation and depreciation and amortization of IP.
[2] Excludes related party debt, which stayed nearly unchanged at about $1.5 million from 2017-Q1 to 2018-Q1
[3] The company had no contractual minimum commitments to Contract Research Organizations as of March 31, 2017.
[4] Quarterly Sale of Shares calculated as difference between reported sales for 9 months up to Mar 31, 2017 and 6 months up to Dec 31, 2016.
[5] Clinical Studies and Sale of Shares calculated as difference between reported values in 2017 10-K and the values reported in 3 previous 10-Q:s
Note 3 is interesting. No CRO under contract on March 31, 2017. Prurisol trial was already recruiting and would hit 70 % of target population in the following May. Did IPIX contract and pay CRO(s) per achievement or work unit (why then $6M commitment during the following Q) or did IPIX start prurisol trial with (mostly) in-house resources and handed the trial over CRO in mid-stream, so to speak. The latter choice is a sure fire way of getting into schedule killing hot mess. I can vouch for that from very unpleasant experiences (I guess kfcyahoo can provide heavy support). Maybe IPIX management realized being far over their corporate heads with no other choice than going for CROws.
Otherwise, I am at my wits end with why IPIX quite obviously (look at cash, sales of shares) was not prepared for what was coming.
"I would rather have questions that can't be answered than answers that can't be questioned." Richard P. Feynman
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