RE: Simple LTH15 Dec 2023 17:45
I think the recent criticism of the BOD and AS in particular has been unfair. How many of us in the hypothetical situation of being able to read Wednesdays RNS and listen to CC before the market opened would’ve predicted the ensuing SP drop? Not one of us, I would suggest.
Prior to Weds, I myself called for AS to update us on plans for the commercial strategy, however upon reflection, this would’ve been incredibly difficult.
AVCT are in a very rare almost unique position of not just developing a product, they are potentially creating a market.
Only once in a generation does a product come along that redefines the market, making everything that went before it become virtually obsolete.
The best analogy I can provide is Apple with the iPad/iPhone. Do you think Steve Jobs gave a sh 1t what shareholders thought when he and Jonny Ives were creating a new market. What happened to Blackberry, Motorola, Nokia, Erickson etc after a paradigm shift in mobile telecommunications arrived?
People calling for them to deliver sales now ?? Sales of what exactly ? A platform that is only half validated? Yes, safety and tolerability is done ✔️ but what additional value if the platform is validated with P2 efficacy data?
People saying that AS and the BOD are poor at deals? The same people were not saying that when the Heights/Launch deal was announced… or AffyXcell or Point etc. They were saying that they were brilliant deals, particularly Heights/Launch.
From the Co perspective the Heights deal could be viewed as a very shrewd move , at the time P1a was far from where it is now and a profitable DX division was probably an excellent insurance policy against potential delays in the AVA trial.
Things change in business particularly in R&D focused businesses and should we really criticise the BOD if they now think that the TX is validated to such an extent that the DX is superfluous and no longer required.
The ability to pivot and change strategy when faced with an evolving opportunity is not necessarily a weakness.
People claim that AS doesn’t know what he is doing because he lacks detailed plans and ‘waffles’? But isn’t the first law of negotiation to play your cards close to your chest and keep your plans to yourself?? Who knows. ?
Despite our collective frustration that the mythical inflection point has once again disappeared over the horizon we mustn’t lose sight of the fact that this has been an absolutely brilliant week and once again the main focus remains patience.
Don’t forget that just because the market thinks AVCT is worth £1.11 today doesn’t mean that it has the foggiest clue what it will be in 6 months time.
Have a good weekend all.