I believe when Dave Innes sited a part of the earnings report as guidance, and what he sited involved all aspects of actions that were ongoing, I believe he was giving us a frank answer. Very simply, stockholders won't be told when any specific steps are completed, we'll know they're all completed when the release the Top Line Data.
TLD simply cannot occur until a whole list of other things occur, though in most cases they don't deal with a new SAP, but NWBO clearly did. TLD is in fact a summary of what was seen in the trial so it by definition is an announcement, all the other things that happen are not and frankly most companies I follow don't announce them, though I suppose they could.
I don't know when TLD will be announced, but I believe they want to submit an ASCO Abstract, and while they could weasel word something that might be accepted and replace with an update a matter of weeks later, I think they're at least targeting the February 11th requirement for initial submission. If they make it, I would suspect that by the end of this month TLD would be announced to give them a little time to further refine it into an Abstract.
January 1st is the start of the company's new fiscal year, I believe that gives them extra time before both quarterly and annual results are due. I think they can stretch to early March with an extension if necessary. It's also been pointed out that an Annual Meeting should be held sometime in the next month or so. I believe by the time these things occur we'll have a much better feel for what's happening, though it's possible it's not announced until the Annual Meeting.
If I were the company, the last thing I'd want to do is go into the Annual Meeting with nothing positive happening, I'm not saying it can't happen, but clearly it's not a choice anyone would want to choose. If in fact nothing positive is said by then, I'd have to believe it was because some authority, like the FDA, was holding it up. I've yet to see a company criticize the actions of the regulators, they may think it, but they must live with them, and ultimately they approve the products, they're to be treated like G-D's, at least in what's publicly said about them.
Gary
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