Giving Credit Where it is DueWe don't really know when the decision was made internally at TH to go for general NASH but my best guess is July. They needed the IP piece to fall into place before they could formally announce that, so we heard in early September. Clearly, this decision was a huge one and the company has been no doubt hustling pretty hard ever since to catch up with the implications of that decision. In the past few weeks, we have seen TH present at two NASH focused broker events and today they came out with a much improved corporate presentation, so it seems to me the shareholder communications part is starting to catch up with the decision to move into general NASH. And let's be honest, there was/is a lot to be accomplished on that front in order for the way the company presented itself to investors to be well matched with what they are actually trying to do.
Also, it is worth considering that our CMO is a cancer guy and our chief consultant, Dr, Grinspoon, is not even a liver doctor. Paul may not have known who Dr. Harrison was about two months ago (to be fair, I did not know who Dr. Loomba was either) but I suspect they are working with him now and that might be the reason for the delay on the protocol filing. In yesterday's presentation, Dr. Harrison was talking about all the little things that might have contributed to ICPT getting a CRL from the FDA for its NASH drug and I suspect TH is now using that knowledge to tighten up its protocol. Given how fast general NASH has come onto the radar screen for TH, being careful and utilizing the best experts is critical. All the other companies have years of experience in putting together studies for general NASH and I am sure that experience is serving them well. TH does not and they really do need to lean on those consultants to help them get it right. Moreover, as Dr. Harrison said, it is a new unit within the FDA evaluating NASH programs and that also muddies the water a bit for everyone including newcomers like TH.
The much improved corporate presentation is an indication that TH has gotten its act together in a hurry, for which they deserve credit.
Now if they can just start pointing out very straightforwardly how their stock is stupidly cheap based on the legacy businesses and that investors are getting the NASH and cancer opportunities for free!