This company is dead broke and might not have enough money to make it to the finish line. It really begs the question of what in the world are they waiting for? This has gotten so absurd as dilution and debt has diminished the value of the company to nearly worthless, and the hole just keeps getting deeper and deeper. It has gotten to the point that even in a best-case P3 scenario the payoff to shareholders will be de minimis.
Shareholders can only pray that this non-stop cash grab is so they can complete the trial and get the results published, and not just so they can pay bills, salaries and bonuses for management. I wish I were confident that is the case, but I'm not. You really have to wonder what is going on. Where is the mythical spring refresh? Why are they paying to do another refresh when they could just close out the trial and accomplish the same thing?
They are out of money, so regardless of what the refresh results show, they cannot continue the trial. Haven't they known that for a long time? So why have they wasted all of this time, money and effort publishing year-old blinded and blended data, paying for booth space at ASCO to rehash the same meaningless data, hiring an expensive crisis PR firm, and conducting another spring refresh when they could have just closed out the darn trial already? This management is seriously one of the worst managements in history when it comes to the interests of shareholders. Sure makes you think something isn't quite right, doesn't it?
The whole effort touting meaningless interim data was to prop up the share price so that warrants would be executed. That was their plan, and it failed. No one is exercising their options, and once again there is no one to blame except this incompetent management. Now they are out trying to borrow money wherever they can get it, and at whatever terms. I agree that at this stage cash debt is better than more dilution (in most cases cash debt is far worse, just not when you already have diluted to 1.2 billion shares), but it's crazy to think there's not more dilution coming. I fear it is, although I'm not sure what they think another dilution is going to do for them financially.
