Blue, hang in there. It is not over yet. Berlin is doing as good of a job as he can and has made positive changes. Yes, this latest offering sucks, but this offering and the $2 offering was forced on the company because of years of mismanagement and poor strategy by O'Connor. Moreover, O'Connor is a rotten person for the unethical things he did to slight shareholders to line his pockets, and we are paying for it now. The straw that broke the camel's back was in the spring of 2017 not delivering any Europe deal while at the same time jacking up the unearned RSU program even more and slapping investors in the the face with auto escalations outside shareholder approval. A near majority of shareholders voted against this measure, and it was the catalyst for his firing and the exodus of our tute holders and the market no longer trusting the company.
That said, look through the current corporate presentation. The science and platform remains compelling. HOT and NEO could prove to make the company a forerunner in immunotherapy if Berlin doesn't f-up the business strategy and execution like O'Connor did. Berlin needs to partner some HOT constructs early to help de-risk and strengthen the company's balance sheet (like ADRO did with JNJ on first gen). The "go it alone with AXAL to get a bigger US & Europe deal later" strategy that O'Connor had was dead wrong and shows what a self-serving dim wit he was. Berlin is making the right moves. Unfortunately, the denegration in the terms ADXS now accesses capital shows that O'Connor was on the verge of bankrupting the company. If Berlin can strike one HOT deal by the end of this year, we could be on our way back to a fairer valuation.
