SPCEO1 wrote: As I noted in my first paragraph this is true of all company management teams. It is not unique to TH - it is just human nature to spin the most positive story to your investors while not giving all the facts available. It is unusual to find anyone in any circumstance, even outside of investing, who is not spinning the info they are shareing with you, either consciously, as most politicians do, or unconsciously or only semi-consciously as most other folks do most of the time. So, if you think I should sell because TH management acts like all other management teams in this regard, you are basically telling me to leave my line of work since it is hopeless. My old boss John Templeton basically told all his youong acolytes like me that we were wasting our time speaking to management teams and we should just focus on the numbers.
canadapiet wrote: ? First paragr. ??
How on earth can you still be a large shareholder if this is your believe in "management"???? Unbelievable.........
? Second paragr.?
How "cheap" is the stock??
They have done a terrible OO and after that an even bad "loan" at very high intrest!!
They have now a "massive employees on the payroll", but have a merely higher income (let's hope so)!! They have told for three years they are in a strong negotiation position and are talking to some Pharma (big????? Chinese????......) for Nash......., and now oncology looks like a "bust" to.......(after telling the market things like "the key".......etc).
It looks like they are laughing with the shareholders by saying the price is ridiculous low but are not willing to increase their on "holdings" ???!!!!
There is a name for that ......
Good luck and a nice and of year all of the good shareholders who deserve much better!!!!!!!
SPCEO1-
To Scarlett - On the issue of large shareholders getting access to privileged info - this is true we have access but the info is not necessarily really helpful, particularly when things are going bad. Management might offer additional insights that are not in the public statements but those don't always measure up to the standard of "the truth, the whole truth and nothing but the truth". This is true for all companies, not just TH. Normally what is shared is truthful but rarely is it the whole truth and often something other than the truth gets mixed in a bit to get you thinking in a certain way. I actually mostly stopped participating in those calls with management due to this - I have found it is better to just focus mostly on their public releases if information as the standard of being fully truthful is higher there. Also, they don't like me sharing here what I learned from speaking to them and my allegiance to my fellow shareholders is pretty high after all these years, so I have just been opting out of these calls. They do have some serious communications issues they need to clean up but I have lost hope they will do so after all this time.
To PWIB - despite these communications errors, the stock certainly seems too cheap to sell. And the market ususally has a way of doing what is needed to get a company straightened out. If there is real value in TH, someone will identify that and seek to take advantage of it. It may not be in our best interests though, so it would be best if the company sorted things out itself rather than someone else taking charge of the situation in order to avoid another sub-optimal outcome for TH shareholders. Basically, the company needs to alter their entire MO and communications strategy by highlighting over and over again that they are putting shareholders interests first. There are many concrete, easy to implement steps they could pursue to send that mesage loud and clear too investors. Here is one - shareholders have taken a 90% haircut since the peak in the share price nearly 5 years ago. Board members could voluntarily align themselves with shareholders by reducing their compensation by 90% and only gaining it back as the share price recovered. Each quarter the situation could be reviewed and, if the share price met a certain target, say $2, the board would see 20% of that 90% cut restored. When it hits $3, another 20% gets restored and so on until they get back to where they started. Obviously, the CEO and CFO likely need to have something similiar, maybe not quite so severe, put in place too. Aligning management and shareholder interests like this would send a very helpful message to investors.
Your comments about the second paragraph are a bit mixed up. The stock is cheap at one times sales. The loan is not cheap by any measure but it is a fair loan for TH. The large number of employees on the payroll likely reflected management's confidence in being able to raise funds following good cancer phase 1b results, a strategy which clearly has been upended but was sensible had good results been seen as expected. Now, they will almost certainly be shedding some of those employees since the circumstances have changed. TH did a very admirable job in positioning Egrifta for a partnership in NASH but there is no way getting around the fact this would be a difficult selling job given that NASH becamea drug graveyard at about that same time. They were working with t he Chinese on a cancer partnership, not a NASH one. I don't think they are laughing at shareholders as they are shareholders themselves and are in a bad spot too right now. And insiders were buying over the last two years, modestly but still buying. Only the Chief Legal Counsel has sold and that was a minor amount. Management has not been able to generate positive returns on TH and infact t he result has been very, very bad. But they are not evil people and are hurt more by what has transpired than we are. As I said, management did an outstanding job of turning NASH from nothing of interest into something that may yet payoff for shareholders. They have managed to get the legacy drug sales moving in the right direction. And cancer, while wounded, may yet be revived, if not via TH-1902, than by some other version of the drug (I think JFM is likely on the right path when he suggests they should consider deep-sixing TH-1902 and partner on a better iteration of it to proceed in cancer. Their finances might force them to do so since it will be hard to raise additional funds from the market at this point to fund further cancer research).
But I agree with you that all are wished a Happy New Year!