Member Info for FrankMass

Yea, and just to rub it in more, they end up with junior Prefs to the new investors. Total shower, or perhaps worse, sinister.

Market just values the cash. That seems the long and short of the PRTC story.

Perhaps Celea is the subject of a more complex transaction, one that will eventually lead it it's own listing. Financing commitments, which are conditional on a listing shortly thereafter, a prospectus being worked on etc. I speculate of course, but it's fairly reasonable to conclude we are not looking at a vanilla financing round given the length of time being taken to put this in place. And yes, the Seaport lockups will expire in 4 and a bit months so PRTC will have the opportunity to crystallise some of its holding.

Perhaps Celea is the subject of a more complex transaction, one that will eventually lead it it's own listing. Financing commitments, which are conditional on a listing shortly thereafter, a prospectus being worked on etc. I speculate of course, but it's fairly reasonable to conclude we are not looking at a vanilla financing round given the length of time being taken to put this in place. And yes, the Seaport lockups will expire in 4 and a bit months so PRTC will have the opportunity to crystallise some of its holding.

Yep, 6 months lock up on Seaport holdings, then subject to SEC rule 144 and brokers/orderly market to control disposals - plus bearing in mind all other holder lock ups also end.

Yea, but no but.

Welcome to the world of a riddle, wrapped in a mystery, inside an enigma.

God willing! Anything that can actually be sustained would be welcomed!

Seaport reporting updates-

https://www.businesswire.com/news/home/20260608629588/en/Seaport-Therapeutics-Reports-First-Quarter-2026-Financial-Results-and-Highlights-Recent-Corporate-and-Clinical-Progress

History leans to the cash in hand valuation for PRTC. Pre Karuna deal announcement spiking the stock it was trading 140-170p on cash over 300m.

Reality is we are trending similar lines.

Cash in leads to the value spike. I am not sure it has ever traded at anything like the sum of its parts ex cash in.

More than happy to be corrected as it is an utter ball ache.

Turd springs to mind.

Best forget and wait to see if $ come in through the door as that seems to be the only currency this stock is valued in.

Lyne - Elenko talking mainly Gallop on Base to Base pod yesterday. From 32 mins, link below.

Celea, funding - "next few weeks", into early Q3

Gallop funding - end of FY26, closing early '27.

Lot of "business model validation" from Lyne, "excitement" for the future, yada yada.

Anyway, sent for info for those who wish to listen.

Base to Base Biotech | Podcast on RSS.com https://share.google/lMXlLPeW1PDCcFGYd

A continually worrying stock. Only the cash balance appears worth following for valuation purposes.

Ja. And what pitiful no of PRTC shares do they hold between them? Aligned with shareholder interests? Yea, sure, holders can all see that.....Time for a lettuce and clock.

Pitiful situation. As far as I can tell, they will be monetizing investments as far as possible, potentially returning capital and eventually moving the rump on with the benefit of licensing streams. Can't see this being listed long term, and not entirely clear to me a takeover as going concern will be on the cards. Chop and break. That's my uninformed, but pragmatic outlook.

Painful company to watch. Really is.

On cobenfy royalties as off mentioned, a qu- if milestone 2bn sales are not achieved by main patents expiry in 2033, do the rights terminate/lapse?

Zombie. Just look at the news since Dec. Market believes this company is there to create small packets of wealth due to the hub n spoke. But still "I cannot conceive".

Its worth more broken up. Nothing appears to shift it's listed value more than marginally.

It will take all those rockets to get this lifting off in a way most LT holders will find awe inspiring. It is still trading below Jan levels.

On Cobenfy, yes, there are future revenue streams, but it needs to hit $2bn in sales first if memory serves.

Terrible fat finger typing on last post.

Corp link:

https://news.bms.com/news/details/2026/Open-Label-Outpatient-Switch-Study-Demonstrates-Symptom-Stability-During-Transition-from-Oral-Atypical-Antipsychotics-to-Cobenfy-xanomeline-and-trospium-chloride/default.aspx

Am aust a small holder these days, but saw this ositive re Conenfy from BMS:

Open Label Outpatient Switch Study Demonstrates Symptom Stability During Transition from Oral Atypical Antipsychotics to Cobenfy | INN https://share.google/tGTD6XPxLjxv9FcAM

Agree. I see no independent purpose. Pursuing hub and spoke is oxymoronic unless you have simultaneous multiples plays live....far more than 3. How can you do that with 000s of mill v billions?