Accountability or lack of it?
Paul said he is going to hold everyone accountable. He did a great job with commercial operations and made just about all the right moves including better marketing strategy targeting patient, doctors trusted by their patients,HIV advocacy groups/community and building in house capable sale force which rejuvenated the multi year stagnant sales and that is not an easy task therefore he deserves credit for that achievement but let's face it a marketing genius/strategist shouldn't have ignored the part of the very competitive key market which many companies are trying much harder and better to approach which is yes the very important retail segment.
In the last CC Paul thanked both small and big investors for their support in these uncertain times! Yet he speaks directly with bigger investors to discuss company's operations every week and leave smaller investors out "in these uncertain times"!Who should be accountable for lack of demand from the smaller investors who are not approached,educated and convinced? As for NASH Paul clearly had plans to start it yet few months later it was paused due to the lack of resources, just in few months!! Didn't he know about what it takes to take on such project few months earlier? Then the position of strength statement which I think it's something which should be mentioned if they have been already negotiating and during those talks they realized they are in good shape yet some almost two years later no agreements. So building expectations prematurely ended up with disappointing outcomes.
Who should be accountable for creating sky hight hopes which didn't materialize to date?SP was ridiculously low at US $3.5 after the ridiculously designed and timed financing which is now not that ridiculous considering the overall biotech meltdown? The paused NASH was then replaced as company's main R&D asset with oncology although it was only early in the process followed by then heavy promotion of it with statements like key to cancer just few months before the pause causing huge disappointment again and trashing the valuation? The result the perception among investors was TH1902 was the only reason to be invested in the company not the "paused NASH" or commercial operations only and solely a phase 1 oncology trial with a unique MOA yet has to be concluded with statically less than 5 per cent chance of success was then all this company was about!
Who is accountable to set those high expectations again prematurely followed by another big disappointment now the paused oncology? Lately delayed/misjudged time line estimates for the HSF causing the 5M warrants, concern note and the rest of it! Who is accountable for that? As much as the CFO was in charge of the accounting parts of the loan both CMO and CEO also agreed to the terms of it and were fully aware of not meeting all the obligations will result in consequences.
Blaming the overall market for collapsed valuation yet issuing over 2.5M options at $1.29 will not exactly created confidence among investors? Who is accountable for that? So yes Paul has rejuvenated the commercial operations but I am not sure the messaging about the R&D parts have been anything but confusing as a result it seems not many are sold on those assets apart from few institutions but those institutions couldn't stop the crash of the SP which was caused by retail investors' panic selling. It's not about naming and shaming but if I wanted to point fingers it would be the management of the company and as the leader Paul please no more confusion, opacity, one sided behind closed doors interactions with investors, none factual messaging instead of balanced timely transparent marketing targeting broader audiences more than ever now during these uncertain times.