Avid Bioservices Inc (CDMO)

[Thurly]

If you listen to the Q&A, they were asked several times to give granularity to the imbalanced arm issue in one way or another. They kept reiterating that there were not significant imbalances, but they didn't back up their assertion with any numbers or proof. When they were asked about specific issues like genetic markers they said they hadn't considered it because they figured PS was not a genetic issue. I found that unsatisfying. It's like the Asian issue - which, I would suppose, is also genetic. It could still cause an imbalance if not properly balanced. I'm not saying it would. But they should have known the answer to that question, not just say, we decided not to look at the issue.

In my business, you don't do a piece without taking it apart 100 times. I've never been asked a question that I hadn't already considered in the process of telling a specific story. I would consider it unprofessional.

That's my take. I just thought they came off as unprepared today. Hard to believe if they've been doing intense due diligence in partnership negotiations for such a long time...

and that is definitely IMVVVHO