Member Info for JSB1989

Great week of RNS’s. There is real evidence that Europe is turning to green hydrogen at scale and ITM will become a serious player in this scaling up. Yes this is only 2MW, but it opens up another door to more 2MW and 5MW projects in a big market.

Right now ITM can focus on generating revenues in Europe, whilst breaking into the other territories in the next few years. If a democrat is elected in the US in 2028, we will see a policy shift towards green again and ITM will no doubt be able to capitalise on this.

When Daphne was CEO, she said that her vision was to grow this into a $5 billion company when it was a $500 million company at the time.

Management are coming to the realisation that whilst the hub and spoke provides a level of favourable risk management for a biotech company, it clearly doesn’t provide a favourable valuation with the markets.

The ‘for sale’ sign is now on the door. If I had £500 million, I would buy it. Pocket £250 million, hold the larger stakes in Seaport and Vedanta, divest LYT-100 and LYT-200 or spin them out into a new biotech company.

The sum and parts compared to the market valuation has never added up to me and a constant frustration as an investor.

Momentum really building now for ITM. ITM are key to the UK and Germany’s hydrogen infrastructure projects and whilst FID takes place next year, the company is clearly moving in the right direction. Interest and orders are picking up. The company is cashed up and turning cash generative which is unique within the sector.

The shorts need to look closely here at how they can withdraw without squeezing the SP up too much.

Update on cash position. Sitting at $340 million at the end of March so cash burn is $8-10 million per month currently.

Not much on the strategy front from the company. Again, it highlights the massive undervaluation of the sum and parts.

Plug posted results today and have announced a debt refinancing of $525 million.

I am hoping for the same Dallo. Management are taking huge salaries for poor performance in shareholder terms. They should be proactive will the cash whilst the small to mid biotech sector is still lulling. It will turn soon so let’s either buyback shares on the cheap or look for some acquisitions.

This update and the next couple of months will be pivotal for me as to whether I hold or sell up and move on.

Cobenfy quarterly revenue at $27 million. I haven’t seen the guidance yet for the next quarter.

Qube started to close the short yesterday. Dropped from 0.70% to 0.68%. I would imagine they have decreased further today which will update tomorrow.

Theta - whilst Cobenfy revenues are important to Puretech, the royalties for 2b+ are unlikely to kick in until late 2027 - early 2028 on a very good run. Even 3b of revenue pa would only generate $20 million gross to Puretech which would hardly move the dial for the company. The milestones will certainly help and these will be linked to sales targets and possible additional approvals.

I think there are more important short term drivers for Puretech than Cobenfy. I’m guessing that the cash runway will still be a minimum of three years and that will take the company through a wide number of catalysts that can move the dial significantly. A downgrade in Cobenfy revenues will not hamper Puretech at this point in time.

Bought back in here after reluctantly selling at Christmas with the poor sector sentiment and continuing downtrend. Dennis and co are delivering and I was surprised to see the lack of SP reaction to the fantastic RNS yesterday.

I can’t imagine they would as we only have royalties in Cobenfy rather than a % ownership.

It will impact Puretech if Cobenfy continues to fail on these P3 trials but that’s a much longer term issue and those future royalties haven’t factored in to the valuation here.

BMS will announced their quarterly tomorrow so we will have an idea on Cobenfy’s progress. I think projections have been revised up to $32 million for the Q.

The big trial for BMS will be the Alzheimer’s ADEPT study which reads out later this year. That has potential for a huge untapped market if successful.

Cobenfy Phase 3 Arise results didn’t reach its end point. BMY down 5% after hours. I’m hoping this won’t read through to Puretech given Cobenfy future royalties haven’t factored favourably into our valuation.

I was expecting results this Thursday going by previous years. Has anybody heard anything different?

Looking much better than last Wednesday / Thursday. 25% in two days. The last two weeks will be very interesting with results next week and suitors clearly circling.

Very good day whilst relatively quiet and flat across the markets. Buys outweighs sells 3-1.

Yesterday there were no further shorts declared.

Davey50 - this is a near £300 million MC company (with all of that covered by cash). It’s not going to be pumped successfully by one person on a forum.

Take it elsewhere.

Keep it to PRTC. It’s a good informative forum with plenty of knowledgeable contributors.

Some buying pressure from retail helping this morning following The Times article. Hopefully the shorters don’t start to bite again and increase later in the day. It’s a risky game if they do as they have 3 million shares to buy back. Results in 8 trading sessions with the two bank holidays.

Qube increased again on Wednesday by 0.08%. Shorts now at 1.33% according to Shorttracker.

I got an email back for the first time in a long time Lesley. This management has been poor in the last year and Daphne was a much better CEO than BC has shown.

I think that Puretech is in its final stages as a publicly traded company now. All the signs adding up so let’s hope management can do something well and strike a fair deal for us all.