Member Info for Londonwolfie

I just listened into a UBS call on hydrogen. One comment was the fuel cell market focus on trucks/heavy duty vehicles. The speaker commented that private firm, Nikola Motor, was such in demand with a $14bn backlog of orders and that they were working closely with Bosch, who as we know have a working relationship (and equity interest) in Ceres

Could be 2+2=5 on my behalf but clearly newsflow v. positive as you say toneman

Whilst it mentions financing to progress, in the next paragraph it mentions potential for licensing - which would provide the necessary financing. We all know that SAR likes a raise and if history tells us anything, it will be a raise, but don't completely discount a licensing agreement to raise the funds just yet post the presentations/poster

They had the overnight broker initiation
They have a presentation at 7am EST on Sunday at the ASH annual meeting to discuss the, as yet unreleased data on Momelotinib, which will be released between 1730 and 1930 on Saturday.
Can't see anything regarding a consolidation though

Oppenheimer initiated on Sierra after market close with an Outperform rating and a $1.20 PT. Only came out at 21:10 our time so suspect that is the reason why after-hours it was marked up

Should be:

"I have. I know you don't want to run down balances as you back yourself into a corner, just not sure why have you used 6 months you cited when we have - in theory - 15 months, rather than, say, 9 months"

Apologies - hope that reads a little better

I have. I know you don't want to run down balances as you back yourself into a corner, just not sure why have you chosen 9 months cash balance rather than, the 6 months you cited.

I would also note that monthly cash burn in FY2017 was about £133K whereas monthly cash burn in FY2018 was about £108K. So they are spending less - although maybe 2017 included the cost of buying back some of the worldwide rights for Aurora and FLT3 kinases, so might not be comparing apples with apples

So we started FY2019 with £1.38m cash.

We added £0.85m pre-expenses in November - so lets say £0.82m after (makes round numbers).

So, effectively we had £2.2m at the start period. We had £0.92m at end period. So, spending totaled c. £1.3m over the twelve months or £108K per month.

With the £0.92m at year-end, and £750K-ish after expenses from the last raise, we have c. £1.65m, or 15 months of spending at present.

Admittedly, that burns all of the cash, but where does this purported "six months" come from?

Not confirmed by the company, but Bloomberg has them scheduled to report at midday on Thursday 8th

Get a grip.

We already knew they were prioritising their closer to market phase drug because they told us. We were also fully aware they didn’t have funds to advance both products at the same time. So, armed with the better data they have presented at ASCO, today they have said they are looking for someone to accelerate the programme from where we were.

So not bad from worse at all

launched a campaign exploring non-dilutive strategic options to support the future continued developments of SRA737.

A few interesting details were disclosed in SRRA's '737 abstracts, but no efficacy data are included, so the abstracts are primarily placeholders, which helps explain why the 200+ patient-data will be presented as posters and not oral presentations.

The FIH'737 mono (n=18 plus 93 expansion) and combo (w/ LDG; n=55 plus 82 expansion) data are in a broad range of tumor types w/ different mutations. The co's press release notes 'the prelim results have enabled SRRA to correlate clinical findings with tumour origin and genetic signature to parse out low-dose gem's contribution'.

Notably, SRRA will host an analyst+investor event at ASCO on 6/3 at 6am CT w/ two KOLs. We remind that expectations for SRRA's '737 program have diminished some as the program has been quiet and missed initial timelines for data disclosure. However, we view the investor event w/ KOLs as a slight positive hint; overall, we believe SRRA has room to surprise and provide a positive update w/ '737 at this point. And the abstracts indicate '737 development is not being stopped -- the mono abstract notes the recommended ph.II dose is 800mg QD.

The combo dose used in the expansion was 500mg '737+LDG (100mg to 200mg/m2). Median tx duration was 62.5 days (range 1-226; n=18) for mono '737, and it was 51 days (range 1-358; n=82) for combo; we expect these numbers to get updated at the conference. Generally, the combo abstract notes that POC clin activity was observed in several tumor types and LDG potentiated '737. The mono abstract suggests correlation can be drawn between genetic mutation and response.

Quick chance to read before it gets taken down:

Generally, we believe expectations for initial '737 efficacy data at ASCO are low; however,this sets up room for SRRA to surprise and impress. '737 ASCO data is expected to include 200+ pts (so, 10 cohorts w/ 20 pts each); the data will be reported from both the monotherapy and combo ('737+low-dose gem) trials covering a variety of indications (however, weighted toward ovarian) and different driving genetic mutations. Even though a lot of pts, SRRA noted the data are still preliminary/an early cut. Recall, '737 is somewhat in a class of its own now, since LLY's prexa was recently discontinued, and Roche's GDC-0575 was stopped in 2018. LLY commented they discontinued prexa for lack of efficacy, but we note that SRRA's '737 has a unique profile from both prexa and '0575 w/ chk1 selectivity and expected improved safety. ASCO should provide much insight into the drug's potential. We note that ASCO abstracts are expected 5/15; SRRA mentioned that their abstracts for both posters were primarily placeholders, so we anticipate little data on 5/15.

Are you seriously asking why someone would leave a management position to become a CEO??

In pub so can’t double check from my quick glance earlier but Ithink their cash and equivalents is still over $100m

....

I thought Jarvis was an execution only broker so therefore acts on behalf of client instructions rather than making any investment decisions themselves. Therefore, this has no link to institutional shareholders at all.

Investec assume coverage of Ceres this morning with a Buy recommendation and a 250p price target

DNO now has majority stake (52.44%) - this is game over despite anything that the board may wish to say about it

Think that is our lot unfortunately

I'm sure they are but the fact DNO already has >30% makes it particularly difficult; they would immediately vote against any takeover which means you need the vast majority of the other 70% to agree to force DNO's hand.

DNO's brokers (Pareto) sent out an email to institutional holders yesterday stating that they are block buyers of stock - they are legally entitled to buy below the 152p price, so this should prove a floor to the price over the next couple of weeks.

I think their game plan is to pick up as many more as possible under 152p, then up the bid to, say 165p. Think, unfortunately, that this would be enough to get institutions on board.