Ayala Pharmaceuticals Inc (fka ADXS)

[hovacre]

Axal is not worthless, but it's also a risky investment at this point. But I don't believe ADXS is in the business of running garage sales. Partner negotiations may be ongoing, or perhaps not. If they don't partner it, I expect they will follow through with winding down development, and that will be about the end of it as far as ADXS is concerned.

ADXS telegraphed to us that they were shifting to putting their focus and hope into NEO and HOT. These are more exciting programs, but it's tough to get excited about them because we won't know if they work for a year or more.

Thankfully, the AMGN agreement still gives them footing.