John Thero:
I have, what is likely to be, an extremely unpopular opinion to offer.
After some self reflection and some sobering discussions with PharmacyDude, I’ve come to realize that I (we) ((all of us)) should be a little more grateful and thankful for JT. Let’s look at why:
1). Cash raise in 2019 - we all bemoaned this... but now it proved to be the right thing to do. We now don’t need to raise today (for now).
2). Delaying EU application - we couldn’t figure out what was taking so long. Looks like the later, conservative file was definitely the way to go... now we have more time to make a decision post case. We are not as rushed as we could have been had we received approval sooner.
3). Delaying EU decision (partner, sell, ??) - this is perhaps the strongest move made to date (in hindsight). Had we partnered sooner and settled for cash up front + royalty of xx%... then we’d have very little upside other than the full blown gambit that would be the appeal. We’d really have nothing then royalty potential (for sure) and everything else would hinge on a very tough appeal. Our shares would be languishing at $3-4.
Another important point to make... there are lots of individuals questioning the decision to go to trial vs settling. I don’t think settling was ever an option. If it were, then JT would have made the decision to do so - for sure. Maybe the asking price was way too unreasonable... I have no idea. But I don’t think JT would have every risked the entire US market on a bench trial in Nevada. His track record shows that he’s not that stupid.
So yea, IMO JT made calculated decisions to protect the company. I think he and others knew there was the risk of losing and decision needed to be mad for survival. Ultimately, these decisions have given the company the ability to operate operate from a position of some (very small) leverage with a negative ruling on the case.
It’s all there. We just couldn’t see the forest from the trees at the time.
Anway... here’s to a BO + CVR!
