I'll say this in the most politically correct way I can, nothing that Titan management has done thus far provides any shareholder value in the least, that I can tell.
The value is in what Ximedica has done and been able to do the the IREP platform that Columbia University licensed to Titan. Having said that, I am reasonably confident that there must be a performance matrix/payment guarantee timeline build into that agreement. Columbia certainly doesn't want to have to wait around forever for Titan to get SPORT to market, as they must want to start earning their 4-6%. Right now I think they get a flat annual fee (maybe $70,000 per year until commercialization).
Also, in my mind, I keep going back to this years shareholders meeting and the inclusion of the shareholders rights plan (poison pill) and also the board of directors vote. These things could telegraph next steps which could be trying to either:
1)Partner with a bigger entity (for possible funding):;
2) M/A possibilities.
In either case, I believe pressure has to be mounting from Columbia and many other large investors. But many of your comments/opinions are valid, at least in my mind.