It is hard to believe ADXS is literally trading lower than cash value in a year when biotech has been in favor and raising cash at record levels. I always had a problem with the self-serving and inefficient way the company was managed and burnt through cash under O'Connor's leadership, and thought the change of management would be a positive catalyst. It's a bitter pill to swallow now when the market valuation of the company is literally zero - that goes beyond management and reflects demand for the science. I have always thought the science was the silver lining that would make the company successful, but I have no scientific background so perhaps many of us overestimated it, particularly as the field has gotten more competitive and immunotherapy in general more effective. We have plenty of data so far, two Phase 2s on AXAL plus trial data on combo AXAL and PSA, but no one has stepped up and partnered with us on AXAL or PSA. Astra Zeneca passed on the opportunity, and we are still collaborating with Merck but they have yet to see anything that compels them to step up and partner in a monetary deal. We have all said at the end of the day, it's about the science. Well we are a late stage company now so we have the data, the question is, why has no one (besides Amgen with NEO) stepped up and partnered on our other constructs in which we have the most data and trial advancement? The market valuation and lack of anyone stepping up to partner until they "see more data" is saying the data to date has not been good enough. That's a harsh reality that I thought I would never have to say. I thought we would have locked in a partner now for AXAL and HOT, so the longer we go without one, it is looking more that the market is right in valuing our platform at nothing. Hopefully, that changes soon, because if it doesn't, ADXS won't have any more money to sustain its operations, in which Agmen I'm sure through its contract would get all of NEO for nothing (if ADXS declared bankrupcy). If the company gets a look at early NEO and HOT data and it looks more promising than the current 1st generation science that we have not been able to partner, things could change very quickly. Hopefully that happens before the company runs out of money or is forced into more death spiral financing.
