RE:AGMGiven the tight cash position of THTX, it makes sense to shrink the board as part of the efforts to conserve cash for critical TH-1902 spending and reduced dilution once cash is eventually raised. The voting results, which evidently re-elected all of the board members, can be a guide to the board as to how that shrinkage might take place. Hopefully,changes to the board will be just some of the changes management takes in response to how shareholders expressed themselves this year.
The best news coming from the AGM was that TH-1902 has been refiled and there is a very good chance the trial will restart. That opens the door to the possibility the stock could move meaningfully higher atsome point in the future as Paul pointed out. It takes off the table the risk that all we hahve with THTX is the legacy drugs, which is clearly an advantage we have over other biotechs but still not very exciting. The second best news was the committment to a conference call with investors once the FDA approves the new protocol as this indicates a very much needed communications effort on this all important matter of TH-1902. I am glad the company let us know ahead of time of their intentions on this front as it indicates confidence to me both that the FDA will approve the revised trial protocol and that the restarted trial has improved prospects for success. If they doubted the chances of success, we would likely only get a PR that the trial was approved to restart by the FDA.
I am sure there will be additional twists and turns in the TH-1902 journey but being back in the clinic will mean the chance of success is real again. Getting partners would certainly help too. Even if TH-1902 failed again in the restarted trial it may have other options on the PD-L1 space if they can convince partners to take a shot with it.
From my perspective, this was the best possible outcome to the AGM. TH-1902 has been refiled, PD-L1 partnership opportunities may expand the opportunity set for TH-1902 considerably. THTX is looking to communicate with investors better via a confernce call on this key drug. Shareholders sent a message that some board changes are called for. THTX had to hire a proxy solicitor to get the help get the votes over the finish line so they know they need to adapt some of their past approaches. I would have hoped for some good questions but shareholders seem pretty well-informed for the most part and there are not too many open issues. Still, they need to go back to an in-person format for the AGM next year as that is clearly the right approach. Hopefully, things will be going better for THTX next year as well and they can avoid the cost of a proxy solicitor.
palinc2000 wrote: Voting results are quite a shellacking for BOD
Personnally I voted FOR only 3 Directors incl Paul and 2 others.
I voted against the Chairwoman and all those who agreed to Issue a Convert 5 years ago instead of issuing stock .
At minimum Board Members who received less that 70% FOR should resign as of NOW imo