Avid Bioservices Inc (CDMO)

[realist1]

Agree 100%. You get it. I get it. Obviously Adam Feuerstein gets it. There's always a group of idealistic and/or naive investors that don't "get it", but they seem to turn over every couple years or so after they are separated from their money via the dilution machine known as Peregrine and a declining share price.

Feuerstien's point is not only valid, but should be common sense to any serious investor. Actions and results matter. Any CEO can "talk". King can talk about a "surge" in partnering interest, but it's just talk. He's delivered a grand sum total on less than nothing to PPHM investors over the long term. To say PPHM is not "shareholder friendly" would be an understatement.

The really interesting (and telling) thing to know in the coming days will be if PPHM uses their "ATM" before the stock stays over $1 closing price for the 10 consecutive business days or not.
If they sell shares and therefore participate in the price decline and it drops to below $1 before the 10 days is met, then they will have helped continue the potential delisting problem (more shareholder unfriendly actions).

The dilution rate is so destructive that it has more than offset the potential value of the science. The fact that the stock has lost ~80% of its value over the last 6-8 years while trials have advanced into multiuple phase II's proves the point.

Looking ahead, I see no reason why they can not double shares outstanding again over the next ~3 years. If so, and assuming PPHM is wildly successful and achieves a market cap of a Billion ("B" illion), that would put long term shareholders at about even.
$1 Billion market cap divided by 200 million future shares = $5 per share = $1 per share pre-reverse split , which is where the stock was ~6-8 YEARS ago.
YES!!!!! dilution will kill ya!

The above assumes of course that PPHM is extremely successful in the coming years, which is a highly unlikely event.