Theratechnologies Inc T.TH

New Filing today

[palinc2000]

Has anyone read it
I dont have time this afernoon to go thru but since there were no PR I assume there are no major undisclosed info
https://www.theratech.com/node/14711/html

[PWIB123]

I scanned it.  Looks like the totality of all changes over 5 separate amendments and what was presented before.  I'm assuming they know they aren't going to be able to meet the trailing 12 month EBITDA (LTM EBITDA) requirements and the associated higher cash balances without raising the additional capital.  Or, they truly did only raise the additional capital to save their

[muslix1]

Paul will Take a pay cut...25%...let's see

[Kd5513]

HA!, Thats a good one! I'll believe it when I see it, and in reality still overpaid by 750k of what he should be getting (~ 1 million) However this board has ensured they dont have to fear any retribution as they have diluted everone. The only one that could sway anything at this point is the Quebec fiirm or Soleus. That is the only option to get heads to roll at this point. Soleus is in it

[Trogarzon]

They did everything they said they would'nt do in our face.  What do you call that.

[SPCEO1]

Based on your experience with situations like this, do you think Marathon might take a different approach now that THTX has the cash to cover most of the loan? Would the incentive for Marathon be greater to take over the assets of THTX now on any additional breach?

[Trogarzon]

What are you saying here.  Should Thera breach their covenants again on some other parameter than the cash level, Thera would pay them off and get the balance somewhere else.

[Trogarzon]

Psycho trading on this thing.  Up 30 censt.. down some more.. freakshow.

[Trogarzon]

Got diagnosed with PTSD disorder thanks to this story.  Spend a few years in Vietnam or a few decades as Th shareholder and you end up the same.

[SPCEO1]

What if TH-1902's results look good while THTX simultaneously violates the Adjsuted EBITDA covenant? Might Marathon want to take the assets in that situation? Can THTX prevent them from doing so? I am not sure but PWIB has some related experience and might know the answer to that. I imagine IQ would come to the rescue again if that happened with the additional needed money but I am not sure

[Mannequin]

considering this possibility, I would like to suggest that you send them a letter outlining the question and what the solution to this possibility is? We can't just leave it to somebody on the forum and you are the best person to ask this question and get clarification.  

[JayjayUSA12007]

"I would like to suggest that you send them a letter outlining the question and what the solution to this possibility is? We can't just leave it to somebody on the forum and you are the best person to ask this question and get clarification." I agree. Having cash after this secondary would not satisfy the EBITDA requirement. They need to provide shareholders with an approach to

[palinc2000]

So you think that there is a chance that they would be already in default on an amendment signed on October 13 2023? Please stop this collective schizophrenia..    

[Trogarzon]

And they all bought at least some amount of shares in anticipation of breaching this latest amendement.

[SPCEO1]

If you read what was said you will see nothing like THTX already being in default was stated. But they have been a serial defaulter already so one should consider all possibilities even if they seem unlikely at the moment.

[palinc2000]

Ir was said that they altready know that they wont be able to meet the Adjusted Ebitda requirement and I am responding to that. As far as this could be a posdibility sometimes in the future .... of course it could     

[SPCEO1]

I did not read what he said that way. He was just pointing out that the new cash will not help them avoid potentially breaching the new covenants. I too am concerned about that. Not highly converned, but one has to consider every possibility with THTX unfortunately. I agree, as someone pointed out, that the head of sales insider purchases are encouraging that they will not likely breach that

[palinc2000]

Draining down inventories has no impact on Ebitda... It does reduce  the cash outlay but no impact on Ebitda  

[Lee430]

Could the reason our CMO has not bought shares is that he is slow walking material info so that the rest of the insiders can purchase?

[Trogarzon]

More conspiracy theory.  The question is why is he not buying.  I guess once those results come out we'll have the answer.  The sales guy is buying so at least that part of the equation looks encouraging..  Like others I'm not putting much faith in Th1902.  It's a long shot.

[SPCEO1]

As you might imagine the circumstances are really not conducive to a good conversation between THTX management and myself. I seem to have run out of "other cheeks" to turn towards them at this point (see Luke 6:29 - "If someone slaps you on one cheek, turn to them the other also). But I wish them the best and hope that, despite what they have done to legacy shareholders, that TH

[Trogarzon]

No ampathy, arrogant and unaccountable...  that's them.

[Mannequin]

So does that mean that you do not believe that missing the EBITDA can create a situation where a marathon can come in and scoop the whole company?  

[Trogarzon]

I'm concerned by anyone else than me picking up the company may it be IQ, Soleus or Marathon... the result is the same, I'm out of luck.  The fact they bought some should be conforting because I don't see why they would that otherwise.

[SPCEO1]

The chances of an adjusted EBITDA breech seem low, but if it did happen I suspect that would open the door for MArathon to come in and grab the assets. I am not sure what recourse THTX might have in such a situation. Previously, the best way for Marathon to get their cash back was to renegotiate the loan after a breech, earn some extra fees and then let THTX run its business to generate teh needed

[Trogarzon]

Whre does IQ and Soleus fit in here.. do you think they would let this happen to them without liflting a ltlle finger.  IQ is the government of Quebec, not exactly limited in it's investment abilities.

[Wino115]

Or, if they see they're getting close, various large mgmt salaries can be deferred or cut. They can control the quarterly EBITDA via expenses primarily. Sales are what they are.  I would guess some expenses they may want to characterize as one-off, non-operational and would be part of that "adjustment" to EBITDA. I would guess pay raises and bonuses are flat to down and there

[THobsv]

All of these comments are fair, they have lots of levers, they should hopefully have created reasonable adjusted EBITDA targets, etc. But we must remember this is a management team that raised equity at $1 to give them the cash they would have needed to satisfy the old cash requirements AFTER switching to an EBITDA target. They are not making smart or strategic decisions. We don't know what

[palinc2000]

Going into debt in the first place was and is  the most stupidest move a small biotech can make!! The second stupidest move they made was to repay the first debt by debt under the pretense of 'non dilutive financing"" just to please large shareholders believing that the lottery ticket bought 4 years before would be a winning ticket.... Not only did it prove to be very dilutive

[qwerty22]

Problem is you can tell an equally sorry story on cash generation. For all the news Scarlett brings about Egrifta, some of it generated by the company, it doesn't look like they've convinced the clinical community that it's anything more than it was initially understood to be. The numbers on the drug suggest the drug profile hasn't changed all that much. So they bounce along with

[palinc2000]

Nice to see you back! I dont think your "Equally sorry story" on cash generation is fair...You dont flirt with bankrupcy when you generate cash with no debt! The damage to the Compagny resulting from the issuance of debt is near catastrophic... With regards to Nash one has to wonder what would have happened if funds had been allocated to something similar to a phase 2 b rather than

[Trogarzon]

They can blame all they want on the debenture dept and subsequent non delutive festive financing with Marathon that culminated in near death dilutive experience.  The fact remains they spent it on trials that both are worthless at the moment in Nash and Onco and hired and spent like there was no tomorrow.  They acted like goverments and entitled representatives of those with our money.

[palinc2000]

Which trial did they spend money on in Nash and what was the cost? I must have missed sonething!  

[Trogarzon]

Well ask them.. they spent it on something since it's MIA now... they tell you every quarter and every year but go figure where the money went exactly... we know where 2M wnt a least.. down the drain.

[Wino115]

Agree with your point on Soleus. They were made aware and bought in. So they were at least consulted around the offer and we can only hope they are more forceful in either outcome with the clinical trial.  If it is a dud --keep cutting costs, building cash and use a modest dividend policy to start building back value for shareholders.  If successful, push them for the best route to

[canadapiet]

"It is worth remembering that Marathon likely cares less about shareholders interests than the board of THTX does" Really????  You are becoming "the clown" of the message board man!  When did the board of TH take care of the shareholders?????? Like i (and many others) pointed out a long time before: THEY DON'T CARE ABOUT THE SHAREHOLDERS!!!!  Man, look

[SPCEO1]

God bless you as well! I think you misunderstood me and perhaps you have not been reading my other posts. If you are somehow under the impression that I think the THTX board served shareholder interests well, I am just not sure how you got there!

[qwerty22]

Who cares what the board "feels" They tried to deliver a cancer program with some value and mostly failed, it happens often. That killed the hope. Maybe they can pull something out of the ashes because there is a hint of drug activity, that's about it.  

[palinc2000]

I just read for the first time the 5 th amendment!!! I dont quite see how you have determined that the LTM adjusted ebitda wont be met You surely dont have access to the amount of the numerous adjustments which in most cases increases the EBITDA .....ADJUSTED as defined is way above Ebitda under GAAP    

[Trogarzon]

I would hope that the sales VP expects to meet that minimum number having bought 50k shares last week.