RE:RE:RE:RE:RE:Consider thisOne has to always be looking forward. 90% of biotechs are at a loss is purchased in the last 3 years. This is one that had/has a unique setup where it was undervalued vs. just the core business and had a couple of potentially valuable options to the upside.
Yes, management has been a huge disappointment, and as a result my conviction has fallen.
Reasons not to completely exit now: it's cheap, 2+ year runway with new cash, expect some news on 1902 within the next 6-9 months and I still feel like there is a ~30%+ chance of good news there that could be a game changer.
This episode has me thinking a lot about the Buffet quote "buy a business any idiot can run, because someday one will." Unfortunately no such business exists in biotech.