See link to annual report/letter in prior post. My take (it and $4 will get you a latte from Starbucks)… Mostly as expected. Personally, I think all the income numbers are irrelevant: 2020 was a train wreck, as expected, period, end of story. To legacy investors, I don’t think we have anything to worry about, beyond the basic concerns about the viability of the company’s business. The audit is complete and it sounds like SEC issues will likely be resolved by late spring or early summer. Assuming success, I expect a brief buying opportunity (I’ve allocated room for more accumulation in that case, personally)…. They have 3 COVID-19 success stories now, and it sounds like they are getting close to an IND with the FDA. That will be a big deal if it happens, albeit a temporary cash drain, because it will bring them into the legitimacy and light of day in American markets… I would still like to see some actual IP out of their patent activities. They keep reporting their ongoing discussions, but they never seem to get a patent. It sounds like they have abandoned a couple and filed new ones. They need to win one of these…
Anyway, bigger picture… The positive spin, as I see it, is this: They get back to OTC trading this summer, their core businesses resume by fall, and the FDA IND comes through somewhere in there. Their media-savvy new CEO leverages that last item to improve the exposure of the company. Perhaps another analyst report emerges, and we begin to see consistent trading volume as the year wears on. This will drive the SP north of a dollar, perhaps even a couple bucks (I can easily see a $100 million market cap for an entity like this, on pure speculation, in this scenario). The negative spin is… The Caymans stay closed through the end of the year, demand for Infinivive sputters, SEC action is delayed until deep into the year, there is no word from the FDA, and someone dies during a compassionate use situation. If all that happens, the company will begin to enter a danger zone, as their cash reserves will be strained if they need to continue burning the current round well into CY22. Personally, if I had to bet, I think the positive scenario is more likely. But this has always been, and remains, a high risk play. The good news is we’re still in the game, and there is a lot to be excited and hopeful about. After the train wreck that was last year, that is as much as we could ask.
AI
