Member Info for Leggster

I tend to feel a JV feels more and more likely to be the outcome, with JR,'s slip at the AGM. I wonder if there might be a number of prerequisites that partner has requested before a deal can be executed. Proving value over and above the molecules in development could be key for a JV. To ensure further value if 1801 were to fail with potential knock on impact to confidence in 1802 if that were to happen. I personally think the IP in SKiL has value and this was an effort to prove it and show partners that a deal offers more upside potential over time, but let's be honest we are all guessing at what is happening. GLA

FWIW, perhaps there was a discussion along these lines between SP and a pharma....

SP our SKiL platform is a great asset worth $mmm on top of our current molecules

Pharma, no we don't think it's worth anything your value is only in the molecules and associated patents.

SP, we will prove value by demonstrating how we can target new compounds crossing the BBB and talk again after proving the underlying value.

In a deal one side prices what they have the other talks that down. I speculate SAR needed to prove the additional IP that SKil contains and this is a perfect way to it. Helps nicely in demonstrating what is on offer for a JV or Buyer.

GLA

HBD, interesting do you think Lilley might try and protect that income stream by a patented combo with 737 and therefore would give SAR a good leverage opportunity for a deal?

Yes a good RNS to see on a Monday, updates on key programmes and reminding the market about the SkL platform. All useful in any discussion with potential partners to optimize commercialisation of any deal. GLA

Also worth pointing out the answer to question 6

Q. John Reader had suggested that a paper on 1801 would be submitted for publication. What's the current position?

A. The paper is currently being drafted.

Hopefully will give the SP a further lift

No real surprises or nuggets in the IM Q&As out today did though like the response to Q33, reminding all about the value here. GLA

Still a statement of facts though they cannot raise the price through buy backs or paying a dividend. Their only options are news and deals or limited director buying that would send mixed messages. GLA

Bailiff

I agree the only way the BOD can increase the SP for holders is to deliver one of the options you suggest. Which one is the question. My dream events sequence is CSR Peer review, licence of 737, tox study completion then a TO. A TO now I feel would be low ball if we can lift the SP to a reasonable level before an offer then profit could be very enticing. GLA

Payroll is fine for me I don't consider it excessive for the sector or the value I expect it to create. GLA

I agree despite the SP falls, the company is still solvent and moving forward on multiple fronts. I do feel some posters lack patience, in reality this is a small company with a tiny staff. It's not surprising that timelines slip and on occasions wrong decisions are made. My ask of the BOD would be where there is a fail try and fail fast and pivot at pace. I entirely agree with SOG that economic conditions for small biotechs are tough yet to their credit the BOD have navigated through to point where monetisation is now insight. Lots to look forward to in the rest of 2025. GLA

Finally some news and for me very positive, feels like we are tidying up our assets and positions. Creating a tidy package for a buyer is my opinion. Any buyer now gets a broader pipeline to add to its portfolio. Temporary drop in my opinion hopefully with rises from here onwards. GLA

My first post for a while, the drops are morale sqpping but there is no real volume, no bad news issued, news still to come. Still high risk but price is currently very low for the potential upside.

Patience still needed but I can wait as required to see the recovery that I think will come.

GL As

Merry Christmas to all and looking forward to a New Year full of happy RNS wishes and some fireworks under the SP. Good Luck All

I'm meetings today so will have to watch the recording this evening. Interesting how brief the RNS is and how little in forward looking statements there are, very interesting that the CSR has only just been received. I had assumed they already had this, one assumes that this will now therefore be shared with interested parties and might trigger further news. Question responses will be interesting. GLA

Whether there is eventually a deal or a T/O does not IMO have any relevance to statements at IMs, I certainly agree the companies stated strategy is a deal, but ultimately depends on the interested party, if a deal does not interest them but a T/O does then irrespective of past statements the BOD must act in the best interests of Shareholders and that could mean recommending a deal. That said the option awards for me on reflection are more indicative of a deal than a T/O the hurdles are higher for awarding themselves options on a T/O than a deal. But I see both as possible I still see going it alone as the least likely outcome. Albeit they clearly have to plan and fund as if going alone and have credible go to market plan eg the tox study they have highlighted. GLA

My understanding is that it is not against the law for directors to be awarded shares during a takeover it is though sensitive and has to be compliant with the AIM rules and takeover code, it requires transparency (which has been done with the RNS) and Legal/Professional advice that it not against the interests of shareholders. In relation to a licence deal there is more room for the awards again AIM rules apply plus FCA and UK governance code. The main requirement for them to be allowed is that the terms of the award, including the number of shares, exercise price, and vesting conditions, should be justified and aligned with the company's performance and the director's contribution. Which could easily IMO be justified for a deal here. However as always DYOR I am though still very much looking forward to the rest of this week

Will generate questions and challenge, feels like a decent indicator to me, and IMO the numbers awarded are not high enough to indicate a low ball price GLA

Horse1 as others have commented why would the BOD put this out just before the AGM if no more news to follow shortly, it

Hopefully an indicator of positive news to come, T/O probability is increased for me, concur with those who think this is hasty but normal to reward the key players in a deal. Interesting days ahead perhaps more surprises this week. GLA

Good find HBD very encouraging