Wino115 wrote: Read it all. A few other points.
1. It's ok to list your market cap and some simple valuation characteristics. Perhaps a Price/Sales, Price/EBITDA or something to highlight the massive undervaluation. Once again, they need to really quickly create an interested investor audience and it needs to be hit over the head with all this science, the opportunity, and the price of admissions. Don't assume they'll do ANY homework after seeing this. So tell them your valuation. You're just stating a fact. Use last 12 month data and you can't get into any issues. It's blaringly cheap.
2. I notice there's no mention of working over the years with MGH/Harvard Medical and Grinspoon. I think that helps bring in some KOL credibility. Don't ever underestimate how the world looks at Harvard. And Grinspoon is your rock-star, so give him some ups. I'd even list the scientific advisory group you have for each therapy area. That all lends credibility which a small, unknown Montreal-based biotech really does need. They don't realize it, but any Canadian small cap is always in a fight against the fly-by-night Vancouver types where scams are a dime a dozen. Let's not forget the unfortunate number of Canadian biotechs that were frauds over the last few years, along with some of these cannabis names. It just can't hurt to absolutely put to bed any questions someone might have on your company's "provenance". I would add a slide on your "partners" and have MGH/Harvard, Grinspoon, Loomba and advisory board for HIV, cancer and NASH. Those things all bring you more credibility.
3. The relative fat chart with peers is just GREAT! I would add a few more -- Inventiva, NGM, maybe even the Novo Nordisk glutide one (since it's similar). I think there are a few others in Phase 3 now so those should be added in too.
4. Perhaps explain the IGF indirect side a bit more. What are the benefits there as far as co-morbidities, etc...
5. I like they way they haven't given up on the HIV NASH market and in putting that slide in there it is a very clever way to say we KNOW we can also have this market mostly to ourselves with the HIV cohort. So as opposed to the others, give us value for general pop AND this large and seriously undertreated cohort. Now I know that gets into our previous discussions on whether any NASH drug will be used there, and certainly others will be prescribed. But given HIV is so tricky, one approved with HIV patients should do a bit better. We've never thought they'll get 100% of that market, but it's possible they get 30-50% of it. So that is a clever thought not to ignore it and another differentiator that probably most people don't know. HIV NASH is a lot worse an issue and much faster progression.
6. They could add an addendum with more of the science nitty-gritty like the genetic map, etc.. Maybe they will have a more thorough NASH only presenation that will have that. That's ok too.
7. If I were LEAH, I would literally write out the speech you want said for each page, slowly edit it down to be no more than what one can say in 1 minute, maximum 2 minutes for more complicated slides. So have a fully written out speech, and from that list the 2-4 bullet points that HAVE to be made for that slide by everybody. You can grade them on whether they hit them all or not. It's only fair since this is your puppy. Controling the message and making it super consistent is important. It also means that any of you can do the presentation at a 80-100% level of proficiency, even if you suck at presenting. But it eliminates the digression and ad-hominems that seem to happen a lot with your team. Listent to the Chairman of Madrigal, he just hit his key 4 points with a few sentances on each. He made them all seem important and the words were well chosen. Having it written out lets you get those well-chosen impactful words in there. Please write each out if you haven't already.
8. Maybe a tad more on the potential metabolic syndrome and cardio readings you've had with tesamorelin too. Maybe it's too early and the stats aren't quite there. I did see the mention of triglycerides which is along this line. Maybe you just need a statement as to why that is so important, that argurment of "treating the whole liver ecosystem" and how that helps lower co-morbids and treats the entire patient and gets liver back to health. The HOLISTIC approach you are taking. The reason is, this will be a trigger in your speech where you can once again draw a comparison to Madgrigal, saying something along the lines of..."
Yes, we have so far seen very positive benefits to various cardio and other important co-morbidity markers for diabetes, etc... and, given our drug works upstream, we think this is a differentiator and our genetic data also backs it up. Madrigal thinks the same thing and has incorporated some of these in their MAESTRO-NAFLD tral. Madrigal has gone out of their way to point out this is a valuable commercial differentiator for their drug -- perhaps helping them capture a wider market share of prescriptions. We agree with them but their's is NOT the only drug showing this. We do too and aim to prove those points just like they are and share that valuable advantage." BOOM -- you just got a new shareholder. Put these little comparitor triggers in there so they are made by anyone doing this slide show.
9. One thing I noticed on the peer comparison slide is how little of F8 will be needed to have this effect versus some of the other drugs where it's generall 25-80mg of drug needed. Tesamoreline is only a 2mg dose, the lowest of any dosage. There might be two things you can point out (but I'm speaking out of thin air and have no clue on this). I have to assume that the more of any drug you pump in to someone, the risks go up, the nausea goes up, etc... It's quite amazing that such a tiny dose of tesamorelin can do so much. The reason, it's just jump-starting your natural production and it does it in that "pulsatile" way do it cranks it up to make your body take over normally for the next 24 hours. So it's sort of a gentle, organic way to do this; hence, the 18 month trial. But there's a benefit in not ramming through your drug to eradicate fat cells I assume. So they may want to play up this "organic", upstream approach and that's why it's safe and tolerated. It also means it would actually be a really good drug at the NAFLD stage if diet and exercise don't work. Not sure you'll be able to get a payer to do that, but all else being equal, it's a drug that can keep you from progressing in a safe and gentler way. I'm just making up all that cr@p, but maybe there's an angle there they can expand on. But it is remarkable how much larger the doses are for the other drugs. I guess pill versus intravenous is also one reason.
That's all for now, but this really is a massive improvement. Well done LEAH and team!
I just hope you make it better and you can talk to it in a more convincing way. The share price sure needs these factual foundational developments to happen before we can expect anything, but the ongoing need to pitch the strategy and the possible reasons for a valuation uplift are what we need. You also need to make the INVESTMENT case along with the science case.
Wino115 wrote: I would agree it's a massively better presentation. I know you're being tongue in cheek, and while I would like to offer some bit of congratulations to this Board and it's ideas that may have seeped in there, I do think that it really shows LEAH/Dubuc/Levesque actually do get it. While we may have pushed here and there, if we assume these are ideas that have been percolating around with Leah, then it does show she understands what is needed to go forward and how you have to be thorough and convincing -- so hat's off to THTX team and especially Leah in my book.
I am only up to the Sort1+ pages, but already see a far more commercial and investor-oriented pitch book. As was said here, the slide vs. competitors is just fantastic...just really puts it there. The MOA and how it works in a direct and indirect way is also a much improved slide.
I will hold back any more comments until done with it as I see a few gaps but they may be covered later.
Once again -- well done LEAH and keep it getting better!
SPCEO1 wrote: Wino - you should be trying to figure out where/how you collect your consulting check from TH!
That is a first class corporate presentation - what we have been lookng for has finally arrived.
SPCEO1 wrote: Check out the new corporate presenatation - big improvement!
https://www.theratech.com/investisseurs/presentations-et-evenements/ew corporate presentation - big improvement!