thoughts i'm long and in the red...debating whether to add to position, but I am not for the following.
Reading the earnings release, burn rate is actually going up versus their stating prior of trying to get down to $1 million. They are not even talking about getting manufacturing contract discussions going. Validation of Plant will be mid year, which i'm guessing to be July/August and they won't be commercializing untill end of year at best.
Typically, you do some trials and then after phase 2, you try to partner up, it looks like they may sell or try to partner without doing any trials, which means less money coming in.
My overall assessment is that management has basically mortgaged the farm for 2013/2014 hopes of Urocidin passing and potentially developing revenue. To me there has not really been any execution or follow through on what mgmt has said. I understand there could be some potential with canine cancer but i'm skeptical at best untill i see revenue.
I just don't get the strategy here and I don't see execution nor any insider buying to lead me to believe something good is happening.