RE:Paul It is certainly understandable to be angry and demand the board get thrown out. But you have to have a plan that is better than what the current board is approving or any effort to throw the current board out of office is a waste of time. So, for those that want to make changes, what are those changes - what is your plan that is superior to the one already in place?
Now, I have the opportunity to speak with the management team from time to time. As much as they have failed in getting a good return on the stock, I really do not see them as a bunch of incompetent fools. It would all be much easier to take action if they were. Basically, as I see it, there has been only one aggregious error and that was the ONO (for any newbies here, and I suspect there are none, ONO stands for Odious Necessary Offering and refers to the last big share offering that was done on very poorly). The original marketing efforts and market research for Egrifta and Trogarzo were big mistakes and Dubuc can be handed some blame for that as he was part of the team which put those market projections together. But those marketing failures are the reason we now have Paul as CEO. He has done a decent job of hiring a better marketing team and has achieved decent results from that. The whole THTX team also performed heroic feats to make something out of nothing with NASH but have apparently come up just short. But it is really impressive they even got that close. On cancer, the pre-clinical work was so strong for TH-1902, it would have been a fireable offense not to pursue it. The FDA gave it Fast Track status because of that impressive pre-clinical work, Soleus became the largest shareholder because of it, Dr Rotthenburg joined as an advisor and there were some pretty good peer reviewed papers too. So far, however, despite that promising start, it has not worked. I doubt many thought there was a lot of risk in phase 1 with TH-1902 given the strong pre-clincial results. Perhaps our CMO missed some key factor in designing the phase 1 trial but it is hard to blame anyone for a cancer drug that proved harder to advance than the pre-clinical work suggested would be the case. More recently, another issue Levesque and Dubuc can be blamed for is the need to rework the Marathon agreement so soon after it was originally signed, creating both additional dilution and the qualified auditor's opinion. From my perspective, this is largely the result of the surprising TH-1902 pause since none of that likely would have happened had good results been seen and money raised on the back of those good results at a decent price.
So, I think we would all agree the biggest mistakes were on THTX's interactions with investors and the inability of the company to do much on this front effectively even in the midst of a stock market bubble that made it hard to miss on this front. If I were to change anything, it would be to have a much more concerted focus and language around managing the company for the benefit of shareholders. This would show up in compensation for the board and management, tighter cost controls and a stronger effort to get plugged into the US biotech infrastructure so that the company is not contiually overlooked by the most important investors. At the moment, unfortuntely, THTX by necessity has to focus on retail investors and yet it still has not seemed to take that on board. And the company cannot afford to spend any money on woke agendas right now.
I have to believe the board of THTX is not very happy either. But, like me, they may think the management team is actually pretty good despite the problems the company has faced. At this point, however, one has to wonder if THTX can afford or even needs a CEO of Paul's stature right now. I suppose the board's bet is that TH-1902 will succeed in the end and we will need someone of his capabilities and connections in the long run, so they are just going to hold onto him for now, despite the high cost. It would be very hard for THTX to ever get someone with his background again. That seems sensible if they have good data on TH-1902 that suggests it will ultimately get good phase 1 results and they are confident they can make it financially despite his high cost. And, while I am skeptical this will happen, maybe we will find out when the proxy is released that the big options grants were to compensate for much lower bonuses and even reduced salaries in 2023.
Also, for those who want to dump the board, you need a plan to replace them. If you really want to do that, you should propose a new slate of board members and you need to do that quickly. If I am presented with a new slate of board members, I would certainly give consideration to them when I voted my shares. But they would need to come along with specific proposals for how they would change the company's operations before I would vote for them.
Bucknelly21 wrote: This guy has absolutely created a dumpster fire is his years at there, im sorry but you super large shareholders need to start throwing some weight around at agms