RE:This line says it all...MM thanks for your astute observations. Paradigm seems to be grinding down their valuation as time drags on. I don't understand their rationale unless they have some other incentive to do so.
When Paradigm did their $4 per share value fully diluted shares were 269 million. The recent presentation from Spectral shows fully diluted shares at 305.5 million. So have we lost 15% value for dilution which equates to $0.60 per share on Paradigm's original value? That would put us at a value of $3.40 per share for Paradigm's original value.
I don't believe we have lost value because we are that much further ahead on the Tigris trial and "exceeding expectations" with Baxter being satisfied so far. Is the trial behind - yes - but prospects for success are that much further ahead than when Paradigm did their original valuation. Ours is an end game value for crossing the finish line and we are better today than we were back then - theoretically with a higher value then.
Dialco is miles ahead compared to where it was when Paradigm did the original $4 per share value. First, the market size is much larger as home treatment and pandemic negative effects have dramatically increased the market size. We have FDA approval for SAMI and FDA approval for DIMI now except for in home use. And management has stated that DIMI approval for home use is a "when not if". So much higher Dialco value now.
So in spite of the trials being behind I think their progress adds value that more than compensates for a 15% dilution. Perhaps that is why the BoD handed out the party favors so generously recently.
The opposite of that is if the BoD and management truly felt we'd lost value then they are derelict in their duties for letting it happen and being so generous with the party favors. And if they don't believe we've lost value why on earth would they allow Paradigm to slight our published value so blatantly? Again, why?