realitycheck4u wrote: Dear Paul, (Leah, Philippe, the Board, etc)
I am impressed with many things and am very excited about the future. But I am not happy or impressed with several things. A public letter is my best way of putting forth my thoughts. This note below in quotes (by long-time poster Wino) is right on the mark. It is time to ask for guidance from Soleus or others and build a stronger team. I ask you engage them and halt doing things in the present order. It is not working. It is also time to get the Board strengthened and get the company media, press, and marketing strategy organized. You may think this is happening today, but the facts are clear that all past efforts have failed - and the wagon train is simply circling again with a slightly different route. It is time for a new wagon that looks nothing like the current wagon. The people at the Board or on the team who were comfortable with that old wagon must be let out to pasture. It may even include some key people internally.
The present marketing of the company (and general inability of the Board to help put the pieces into place here) has failed due to issues that include the 'perceived' past failures and 'actual' past failures, (which are equal) along with complete lack of market awareness with the current TH1902/04 and NASH programs, their potential and the current situation. Simply put, no one cares - most especially those who are in the business to care. The lack of questions on this Quarterly call proves the fact that no one is listening. Thera cannot afford one, two or three junior firms with junior analysts following it when these firms do not even take the time to understand it. That is the job of IR (and Paul) to make sure they know what is happening. Something else must change. The fact that no 'investors' are afforded the ability to submit questions for the Q&A shows how out of touch the present Board is. Even little known Tesla allows investor questions before (in advance of) questions from the 'Large Banks and Funds'. My point here is that excitement breeds excitement, and you had crickets. So, let some lions in and let youer shareholders and investors join the excitement.
Paul is articulating the vision and plans well. He is without question the right person for the job at hand. But, the company's job includes the need to continually sell the future - especially when raising capital. The failures have been so large over the past 12 months that the company is being punished, and this is harming the current "potential," which will (and is) manifesting itself in the ultimate reality of whatever the stock price becomes 6, 12, 18 months into the future. What should be $20 now, could be $50 later. What is $4 now, can be only $20 later. This company has failed, is failing, and cannot be allowed to continue failing. The share price is not appropriate, and the Market Cap far from optimal. This is not a market issue. This is a marketing issue. This is a Board issue. This is a capital issue.
There are many reasons to claim that there are other aspects that also matter here, yet it matters that the company is Phase 3 NASH and Phase 1 TH1902, and no one really cares or gives value here. Thera must clearly, strongly, loudly, boldly and immediately get the party started, as when/if TH1902, TH1904 and NASH start to see favourable results, Thera will be behind the eightball effort required for it to grow into, sustain, finance and overachieve a proper valuation.
I will look to the Board and Paul to announce some needed changes soon, and I look forward to success in 2021.
Sincerely,
Realitycheck4u.
Wino115 wrote: Thoughtful response. I'm guessing the Board is staggered, but haven't bothered to check. To me, the Board appointments last year were a bit odd both in timing and in what added skill they thought they brought along that would be helpful. I had thought you only ever brought them up at voting time and we vote on them for a normal term.
There is one really, really good thing the OO could bring to THTX if they know how to go about it. We are still not sure if there was only one instiutional lead order or three, as rumors floated around. We only know of the one, Soleus. It behooves Paul and Dubuc to have a discussion with those guys around this issue given it hits their pocket too. All they need to ask for is introductions to who they think would be the best firms for them to work with in US and Can for both research coverage, client introduction and banking services. And would they provide a recommendation at the highest level and give the effort a push. They're all in the same boat and this is done all the time -- it's just asking them for their views on "best" firms for their size/strategy, and for a name and a phone number.
If they don't get at least that from them given the sweet deal they gave them, then they aren't as saavy as they need to be around this issue. If Soleus is in a bunch of these private deals like BioAtla, then they are holding a golden goose list of IPO candidates for investment banks and the guys who've worked on their past deals will pick up the phone if they call before it even rings. Those are the single best accounts you can have as an investment banker -- private equity and VC. Paul needs to avail himself and us of that opportunity to get some value for US from that OO.