Seelos Therapeutics Inc (SEEL)

[Leonard McKinley]

Well, it is certainly annoying. However, we should recognize a caveat. As it is an "ATM" that means that they only take money from it as required. So, if they can reduce their cash burn as they alleged that they would, then there is hope that they may not draw from the ATM as much as we fear. It does remain the case that their programs are well advanced and the San Fillipo (sp?) program is funded by the foundation. So, that is good news. I also point out that the ketamine trial has a very short duration specification because the measurability of the response is virtually immediate. That is also good.
Nevertheless, I am very annoyed that they did not communicate this in advance, and they did not tell us what they expected by way of burn rate. Having said all of that, the stock actually rose today. I cannot readily explain that at the moment.