You know that's not true. There's plenty of biotechs out there that can stay above water after failed trials without the unnecessary dilution that is going on here.
The price may be up for today but future shareholder value has just been reduced by 30% for no reason, and it's not the first time they have pulled this kind of crap.
You don't have to defend management decisions because of the science. Board members have nothing to do with the science and can be replaced by shareholders at every shareholder meeting if they don't do their job correctly, which is to maximize shareholder value.
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