Member Info for CJ39

I’m not invested in here at present, I have been three times but the half year report made me give up again. I am a bit gutted I sold out now seeing the 42% gain on Friday, I hate missing out. This is intriguing as we have not seen a move in share price like this before without news.

I will be watching with interest. I hope for the likes of DSFlat that this comes good and can recover your losses.

I’m so disappointed by how much investors are penalised by the CGT rates. It’s hard to make money on shares as we know here. But if you were to make a nice £15k profit on shares you’d now pay £2160 in CGT. It just doesn’t seem right. Add to that the hassle of reporting gains to the tax man.

I don’t think I’ll be investing in shares in future, how do others feel about it?

Who’d have thought in February when the dispute notice was issued that we would still have had no news as of late December? Not a penny received from Stalicla in over 2 years now and yet people are relying on this deal to save their investments.

I think it’s safe to assume Stalicla will not pay TCF a penny until they raise new finances to fund their projects and we will find out about that via Stalicla first which will give people an opportunity to buy in here in anticipation of Stalicla paying TCF. But they didn’t pay TCF anything after their last raising of finances.

I still predict June as the month TCF will consolidate shares and issue a placing of shares which will make the shares now worthless. 6 months TCF have to save peoples investments.

That’s that for 2024, there won’t be any more news this year now. The ‘Up to $5.5m in further milestones expected within 2024’ which was stated in June 2023 results never transpired.

2025 will be make or break with TCF and its heavily weighted on the side of break.

DS, have your thoughts on the prospects/outlook on this share changed recently? You have always been positive, optimistic and clearly believed in this share by buying as many shares as you have. You’ve always refrained from criticising the company and board. What are you thinking now?

I don’t feel the outlook looks good personally but it’s not over yet but 2025 is without doubt make or break for TCF.

That Stalicla deal cost a lot of us money. It’s the only reason I bought in. It looked amazing at the time. EVG had £10m cash in the bank, they had a deal with Juvenesense and announced the following deal and there the market cap was somewhere around £15m if I remember right. The board expected $500k to be triggered in Q2, 2023 and another $5m by end of 2023. They revised this as expected by end of 2024 and here we are with 3 weeks left of 2024 and still nothing. I feel like shareholders do deserve explanations.

$0.5m upfront, $0.5m on completion of the, already fully financed, Evgen-sponsored human volunteer Phase 1 study (anticipated during Q2 2023). Milestone payments up to commercial launch are $26.5m, including $5m on grant of IND by the FDA (anticipated in late 2023). Total milestones of $160.5m are payable to the Company in relation to the first neurodevelopmental disorder indication under the license. Royalties payable to Evgen on sales are in the low to medium double-digit range in all scenarios, including on-licensing by Stalicla and use of SFX-01 in further licensed indications.

That’s an interesting discussion, not one I had ever given any thought to. I think I am more leaning towards xxxinvestor’s point of view, I mean what if SFX-01 proved ineffective, Stalicla can’t be liable to pay out all monies stipulated in the deal.

For me however the one statement that I did feel was misrepresentation was in the half year report on 02/12/2022 in which it was stated ‘Up to $6m in initial milestones to be received before end 2023’. This was after the initial $500k was paid to Evgen.

Evgen/TCF never received a penny in 2023 or 2024.

There is clearly something wrong, it said in the dispute notice which was issued 10 months ago today that Evgen completed the phase 1b work in August 2023 which should have triggered $500k milestone payment. That’s 15 months ago and still nothing.

It’s all been very unfortunate for the shareholders, how many bought in on the Stalicla deal news and ended up losing a lot due to the deal not being what it appeared to be?

I hadn’t realised your holding was quite so big DS. I think you’ve been unlucky to be honest. I was absolutely convinced that two years ago that this would only go up and get to the 20 pences. I’m fortunate that I bought a new car and had a new kitchen and bathroom, my funds were depleted when I invested here otherwise I am sure I would have put a lot more money in.

I hope things turn around here for you so you can get your money back. Whilst the Stalicla deal is still alive you’ve got hope.

Yes I hear what you are saying. I think some people's investments here have lost so much value that it will feel pointless selling now. I know DSFlat held well over 1m shares and I bet he has invested at least £50k here and his holding now is probably worth less than £10k. What do you do?

I have bought in 3 times here, firstly at an average of around about 4.9p two years ago, I sold out at 2.55p. I bought in again at 1p and sold at about 0.85p. Then recently I bought in at 0.7p but sold out last week at 0.52p. Three losses, I think I lost about £4,000 here, I know it isn't a great deal of money but I did invest here hoping to make money not lose it, I would quite enjoy £4000 in my pocket to go for a shop with or book a holiday with.

In the three times I bought in I did hold out hope that something would happen but I hold no hope at all now. I would only ever consider buying in now if something actually happens rather than in hope of something happening but I don't believe it will happen now. It would help if the board discussed what the problems with Stalicla are so that people can have an idea of whether this is worth investing in still. But when have ever the EVG/TCF board ever been straight up with the shareholders? Remember that nonsense that they were not allowed to buy shares, what a load of nonsense.

If you are not too much down I'd definitely say sell now. If you are loads down I probably would say hold - it would be very painful to sell for a massive loss and then see the share finally do something after selling out.

I totally agree with LWHL, the only important thing right now for TCF is funding - either an immediate income stream or some private funding to avoid diluting the shares further. But I don't see there being any possibility of private funding as there is no income stream to pay any loan back. Whilst an immediate income stream looks incredibly unlikely now, only the Stalicla deal offers any hope for that but the hopes of that seem to fade with every passing week. It is 10 months ago next week the dispute notice was issued and it does not sound like anything is really happening with it. Amicable talks remain on-going sounds very tame. If they had worded it as advanced, progressive, etc. at least that would sound hopeful of a resolution. And are shareholders happy about that complete lack of information about what is the problem with the deal? 10 months and two statements in the annual results and half year report, both about 7 words long.

I get that people who still hold a lot of shares want to remain positive and do not like any negative posts which may convince others to sell up but I just do not see anything to feel optimistic about here. Everything has been a disaster in the past two years. The income stream of Juvenesence ending out of the blue was a real blow and you may remember Huw saying at the time something along the lines of "It doesn't matter, we are looking for bigger and better deals for the company than that" well that was 15 months ago now and there has been no new deals.

It really does feel like SFX-01 is finished. They have the finished formulated tablets there for over a year now and there have been no new takers, they are sitting in some cabinet just going stale.

Watch out for my prediction - May 2025 - still nothing happened with Stalicla, a share consolidation and a large placing, rendering the shares as worthless whilst TCF continue to pay themselves nice wages laughing at shareholders. I can just picture them in the staff room with cake in their mouths laughing hysterically at the shareholders.

And I see today someone sold 1m shares for just over £5k. 2 years ago you would have had to pay around £50k for those shares. What a disaster.

I’ve been far more right about this share so far than you investor. You still believe in this share despite it being at its lowest ever price and the shares diluted this year. I sold out at 2.55p when I recognised there was something wrong with the Stalicla deal. I said that there would be a share placing in Spring 2024 and there was.

I don’t agree with you that TCF can last a year on £1.5m. I said that £1.2m would last about 6 months based on the fact they made a loss of £1.1m in the last 6 months. You cannot argue with that statement. I extended that a few more months as I hadn’t factored in the £450k that is expected to be received. I believe TCF are funded until about July 2025.

My prediction is that there will be a share placing in April 2025. I think if there is a share consolidation they will look to maximise the amount of capital raised as the share price will only go down again. They raised £11m in 2021. They will want to secure the future of TCF for a few years rather than just an extra 18 months.

We’ll see won’t we? Don’t start saying I’m wrong before the event because you certainly won’t apologise if I’m right. If come May next year there has been no share placing I’ll say I was wrong.

Where do you get the figure from of a £1.5m per year cash burn? TCF posted a £3.1m loss last year and £4m loss the year before that. TCF posted a half year loss of £1.1m. So where does the £1.5m per year figure you have plucked out of the sky come from?

So when do you think a share placing will occur if they do not receive any other sources of income on top of what is currently known?

I can’t take your post seriously investor. How do you think £1.2m can fund the company from 01/10/2024 for 15 months? We’ll see won’t we when TCF issue a share placing? You think share placing won’t happen until late 2025 I presume? I will want an apology from you when a share placing happens by June 2025.

Why would anyone feel positive or hopeful here? Huw went to many investor presentations hoping to sign up new deals that came to nothing. They talked about wanting to find private investment to help fund the company - nothing has happened. I heard that Huw and the finance guy wanted to bring a return for shareholders, well we are at the lowest ever share price and had a dilution of shares in spring. There is no income stream. Juvenesense pulled the plug on a deal without any explanation.

The wording in todays report about talks remain amicable suggest that it’s all a struggle and far away from anything happening otherwise they would word it far more positively. Money runs out probably in late summer 2025. This is game over.

I seem to remember you saying there would be no share placing in Spring 2024, so you were wrong there. You are still positive about TCF, that’s incredible. This is why no one but those hoping for a miracle can take your posts seriously here. Even though you rate yourself as a pro investor you’ve lost a lot of money here and will lose even more and you deserve it to be honest as you refuse to listen to anyone else’s opinions.

Sorry that was meant to read March 2025

I can guarantee anyone that come around March 2023 there will be a share consolidation whereby the sgare price will be about 0.3p and you get 1 new share worth 30p for 100 old shares. And then they will do a share placing to raise £10m making existing holders shares effectively worthless.

An absolute disaster of an update. There is no way £1.2m funds the company from 01/10/2024 to end of 2025. It will barely last 6 months.

Clearly absolutely nothing even close happening with Stalicla.

No news of funding or income.

This is game over. Sell out now whilst your shares have some small value left as this is finished.

Oh and what was the point in paying £1m for this company they acquired if it’s not going to bring in any income?

Look out for “this has been a transformational year for TCF” and “constructive talks are on-going with Stalicla”.