Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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IB StoneChecker is an innovative software tool to aid clinical decisions by providing information about a patient’s kidney stone. The tool provides a semi-automated assessment with useful clinical metrics using the patient’s non-contrast CT scans. #kidneystones
https://twitter.com/IQAI_IB/status/1567191213522190336
There's approximately 780 companies listed on AIM.
There's now 602 below their 200 day moving average - generally regarded as the bull (above) bear (below) line.
AIM All share hit another low today, -34% down from its high in September 2021.
But IQAI is not on AIM!!!
Shame, price would have been much better
https://twitter.com/iqai_ib/status/1564986360238411776?s=21&t=rIrtKfQg4FpEFh9Fh9q_WA
Hi , not ever been a LTH of this stock but was in profit when sp was at 6p. Underwate now but i have a feeling its low for a reason. Bigger fish may be watching... GL
Agree but unfortunately it always seems to happen….
IQAI could do with a partner, think most of us on same page there apart from TB who seems hell bent on going alone!
“ So, what you do if you are of limited means is get your asset as far through the clinical trial process as possible. After that you find a partner with pockets deep enough to finish the work started by the small-cap R&D specialist….”
Link from Troajan
https://www.proactiveinvestors.co.uk/companies/news/990003/little-large-smaller-drug-developers-are-tying-up-partnerships-earlier-in-the-discovery-process-990003.html
Usual caveats
Trek
Hi Trek,
All well apart from the biotech valuations :-)
IQAI should not be promoting ´ commentary from participants in an ongoing clinical trial , full stop .
Sponsors should have a minimum ethical conduct even though individuals have Facebook etc etc , so snippets will come out but IQAI should not be promoting this !
Hi Nolupus,
Hope you are well and it’s the real deal for IMM this time. Folk need it!
As for the comments here whilst we can’t prove the veracity it does happen. Remember SNG001, there were often snippets.
They could be a ramp, a lie or the truth and should be treated as such unless of course a tidal wave of similar comments emerge in which case the company should make a statement.
Usual caveats
Trek
Normally , the sponsor of a clinical trial would/ should not communicate like this
I bought a load the other week.
and it dived.
I've made a mental note to buy more if it dives again. but small tranches. I guess you can have different strategies for different comps in your portfolio - for this one I feel like I'm playing chicken with unknown forces.
Stay positive Trek.
While the SP wiggles and the journey is a wee bumpy, there are very bright flashes from the "real world"!
"I am a participant in this trial. It has been a very positive experience so far."
-- BB --
They don’t have to provide quarterly updates, just 6 monthly. Don’t have link but I tried to figure out when trading updates came once only to discover they are not mandatory.
Just bought back my 200k I sold for cheaper now the SP seems to have settled…. Yikes!
I figured we will get some ops news ahead of finance news. Last time TB tried to bump the SP up to sell warrants he failed miserably! He will know he needs to do a better job this time.
Also some partners such as Mayo and directors paid in shares must be pretty psd at the SP!
Every little helps the average! I think? Now watch it dive!!
Usual caveats
Trek
Has anyone asked company why we’ve had no shareholder quarterly update?
Let’s hope this is not linked to with holding news as these are main market rather than aim
We are all shareholders here it’s not just about one person!
We know how TB works
Great news! "I am a participant in this trial. It has been a very positive experience so far."
A facebook comment by a participant in theIB Phase I Trial (Oral Gallium Maltolate for the Treatment of Relapsed and Refractory Glioblastoma). http://clinicaltrials.gov NCT04319276
https://twitter.com/iqai_ib/status/1562913695503892480?s=21&t=fMlidRtrpE9FXrZeu8C69Q
IQAI is main market, not AIM
-- BB --
At least the AIM wide sell has not affect us - sellers all dried up - wisely.
https://twitter.com/iqai_ib/status/1561846053632020480?s=21&t=Ub9XMFRhRQ2a50HTd4ndsw
Geeforce, yes the current cash 354k less liabilities plus a raise will likely give us a runrate through a year.
I assumed pay and admin cost (1m pa) were separate.
I would also expect a payment from Bayer to come through at some point. We can’t just load our science on their platform for free!
The frustration here is that some biotechs that have so much less run at huge deficits and we have amazing science a clinical trial and fda pending and what cash we require cash is so comparatively ‘small’.
Whilst a fan of what TB is doing a criticism is he has left the finance to scientists which has certainly helped with grants but imo we would have benefited from an active sales lead to deliver more on contracts and revenues rather than just depending on CLN’s.
Given the amount of exposure the Brown family have here makes me think they want it ‘all’ themselves. Hence no meaningful partnerships.
However, the indication that TB will fund this at ‘whatever cost’ must be a positive but it just doesn’t sit well for investors that have supported the company at much higher levels. Each shareholder letter has been on the cusp of delivering exceptional returns.
Perhaps this time it is indeed different?
Usual caveats
Trek
You have to look at cash flow statement, those current liabilities will not be paid this 6 months, Dec 21 they were £392, so increase of £123k per cash flow statement, they have enough cash to see them through into 2023 but I would not be surprised at a raise but not at this level.
You appear to be ignoring Current Liabilities of £514,959 which is all set against Trade and Other Liabilities. The company will require sufficient cash in bank and cash coming in to cover this amount in the short term. With current cash of £354,732, the company are short of funds to the amount of £160,227. Sure, the company are expecting to receive £166,025 from Trade and Other Receivables and that will help if absolutely all of it comes in PDQ but, in truth, the company is in dire straits short term and a public money raising will be needed in next to no time just to keep the lights on. They will be lucky to raise at 2p as the market is not in good health right now and the money men know that this company are desperate for more cash.
Per accounts Dec 21 it cost £1million to run IQAI and £583k for 6months to June 22, no where near your 1.7million,loss to Dec 21 £500k and forecast loss for Dec 22 is £125k your numbers are way off
Cash end of June £350k and revenues per broker note for 6 months to December to double and loss will be £125k per research note, therefore in theory no need to raise at this level 2.5p at present time, not saying we will not be I think it will be end of year when share price higher.
Hi Jimzi,
Because of what you point out it is in TB’s interest to have the SP low within reason.
We need cash due to the 330k loss.
Fag packet numbers he has 18% of the company after resigning from free associated books
https://find-and-update.company-information.service.gov.uk/company/02768277/officers
So he can raise/dilute another 12% of IQAI without crossing the 30%.
He will no doubt want a discounted price but it still nets out around the same in terms of number of shares.
For illustration he takes 10% of £5m (mcap now) so that’s 500k.
That closes out the 330k half year loss and give us 170k to run with.
Fortunately there is still 212k in the CLN reserve based on the last interims (see consolidated balance sheet)
He has to be mindful that some directors options ‘in lieu of pay’ are at a higher SP. E.g Michael Schmainda last ones 4th Jan 22 RNS were 5.88p.
He has to get the SP back up as these guys are NOT getting remunerated appropriately imo. In last AR pay was 380k, directors 160k, highest director 100k.
Gotta consider the Oct 21 620k placing at 5p and the warrants at 7.5p that burnt after 3 months! Didn’t help confidence, but could argue as year ago they weren’t needed!
Or TB got a placing away and sweet talked the placees with warrants that were never going to land! Ouch!
Where does it leave us…
If we raise the ‘max’ (500k + 212k) clear losses 330k leaves us 382k. How much does it cost to run IQAI for a year, about 1.7m less 500k revs so 1.2m.
382k gives us around 6 mnths allowing for another 330k overspend. Familiar!
Something needs to break here to deliver revenues. The grants will distort these numbers but we won’t know the extent of that benefit until next results.
I am a fan of the tech, trust TB given his investment but not sure about finance beyond 6 months. I would like to see a partnership. 500k ffs or even 1m would make all the difference! Something will close the gap soon but until then hold imo.
Usual caveats
Trek
Your applying bucket shop / 10% flipper placing activites that basket case companies do that is not applicable here.
1] You never get the CEO underwriting a company so as it remains a going concern
2] He has to give 2 options – otherwise it would show the preferred course had been already been decided – which it has!!
3] Unless he took the whole placing, he is diluting his powerful position – why lose / give away any control.
4] CLs are not dilutive until they are, or if they are converted. He still has around 5% in CLs and he hasn’t converted them.
5] CLs give TB total control over whole load of contingent shares thereby allowing him to optimize his significant holdings all the time – he has sole discretion as to when he converts. If things hot up, he can sell some CLs to an interested party at a big premium. Accordingly, CLs give him share issuance patronage at a time of his choosing. I do not know of any other listed company with this set up
If anyone seriously thinks he is going to subscribe to low conversion priced CLs in order to make a 10% turn when the company is in the best shape ever, then you can’t read him or IQ.
Please don’t start banding BRH about – that’s his amusement hobby – IQ is his legacy.
And did TB do any CL’s for BRH? Did he underwriter BRH? No. They are chalk and cheese.
Re Price action – 5 trades totaling 330k shares [£8k] dropped it 12% for 20 minutes. The rest were buys and the closing prices to buy was above Thursday’s close.
Remember the 7p warrants he signed up for last year – the BOD clearly thought a value event could have happened within the warrant period – it did not but it was a freeby.
Read between the lines corporate wise and understand the great opportunity tech wise.
All IMO
Thanks T
thats helpful.