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The board set their own timelines and targets. You'd think after 14 years, they'd know how to build slippage in before releasing an RNS. You've just done what i said. You've apologised on their behalf and blamed 3rd parties. Take the MHRA scenario. We don't know the real truth why it was rejected. I'd bet my shares that the board do though.

RF Will want to settle way before Aug 2025. The bird in the hand is the options on warrants they have. It's up to them when if they cash them in.

By doing what they say they will and on time.

RF forward selling. Look for a big after hours sell.

Riz. The 2.9 million shares we are just about to give them should take us under £500k balance still owed. They are nearly gone and as Aber stated they might use some of the £800k raised to settle that. If not, we will give them another 5 million shares in two tranches so not to trigger a TR1. As long as the sp stays above 10p, that will be it. They're gone until they cash in the warrants. Doing another wrap with all the costs and further dillution, doesn't make any sense. Looking at the trades today we may see a big after hours sell from RF. That's good because it'll be over 10p sell price.

People always talk about the disconnect here and it's true. The company and therefore the shareholders are sitting on compounds, that if, big IF, they got to market, would be worth multiple billions. Maybe even into double digit billions. Even with discounts applied, a phase 1 asset should be worth £100 million ish, a phase 2 ready asset should be worth £200 million, phase 3 ready is £800 million. We have 3 compounds on the go. So you can see how it adds up. The sweet spot where risk v reward favours the long term holder is end of phase 2, start of phase 3. The conundrum for Sareum, is how to get to the end of phase 2 whilst not giving away too much. If they had the funding then we'd already be at the £100 million stage, just as we were. It want overvalued, that was fair value. The non dillutative partnership, stated in the Edison report sound like it might be enough to get 1801 into phase 2 trials. That statement isn't just made up. Sareum pay Edison £60k a year to write these reports. They haven't just plucked that from nowhere. To agree, confirm with HBD, £800 million is kind of industry standard for a phase 3 ready drug. That's what Tim will have been pointing out. End of phase 2 plus time analyse and data readout is probably 18 to 24 months. £12 million to a potential £1.2 billion (1801 £800 m, 1802 200m, 737, £200 or 27% of 800m).

Not ramping, industry standard valuations. So yes there us a disconect. Is it the compounds or is it Sareum board.

Honestly, Aber. I'd still be disappointed with less than £10. Good 1a results and funding for 2a should see the company valued around £400 million. Add to that 737, could be worth £200 million to us, if in trials with a known schedule and then 1802, then even with discounts, we're on our way past £5 with TO talks starting above that.

The company is mostly in the hands of private investors. How would they do it without anyone noticing. Theyd have to buy on the open market, we'd get TR1's and the sp woukd start to rise. What do you think woukd happen if we got an RNS saying GSK owned 3% of the shares. The herd woukd be here and we know what happens then.

Great post, Basil. The thing that triggers me, is, those with Stockholm Syndrome, those who will point the finger anywhere else but the board. They use whataboutery, it could be worse, conspiracy and they're all out to get us. The recent thing of wanting to throw more money at the RF is weird. It would still mean dillution and again some LTH wouldn't be able to take part. As it stands, the compsny has enough to deliver 1a data and a small runway after. If a company, whose business model is to license at the pre clinical stage can't do a deal at the clinical stage. Then the either the compound is no good or the board are no good. Why would you willingly throw more money their way?

It is what it is, we are here now. The pressure is on the board to deliver what they say they will and on time. Posters here keep telling us how good 1801 is. It's time to see if they are correct.

Nicely, almost all shares are in private hands. Cash runway sorted, trial news due and a healthy demand for shares. It might go lower until news but, we'd know if someone started acummulating, we'd get a TR1 RNS. Not sure if you want my opinion but I'll give it anyway. If 1a, data good. Low ball TO offers will start around 200 to £300 million. Still not good enough for me but you are barking up the wrong tree.

There are at least 12 million shares in traders hands, probably a lot more. That's fine by me, by the way but £1 is a 10 bagger for the 10p shares and some here will make over a million in profit if we get to £1. On the flip side, some here won't even break even with a £1 share price. The new shares have reset the baseline where 50p will be fair value and we will be grateful for it. Like I said, ive no issue with traders but most of those who added large amounts will be gone way before the risk of trial failure is a thing.

The knock on effect of the RF facility. The shares in issue was approx 68 million before RF, it's likely to be over 110 million when all this is done. So a £2.5 million loan will have, directly and indirectly added over 40 million shares in pot. We won't go into the 90% reduction in the market cap.

Laz, I admire that you can be positive and forward looking here but this forum is for all views, good or bad, whether you are a shareholder or not. I agree that, for now, we are stuck with the board and they need to get on with the job but the reality is, the company has been badly managed since around 2018. We were promised trials within a year from 2018, they raised, promised, raised, promised, and so on until now, where the boards last big decision nearly killed off the company for good.

There are some here that willfully ignore that all roads lead to the board, they are in control of this company and the buck stops with them, always. Stop giving them the benefit of doubt, stop implying that things could be worse. Stop trying to put a positive spin on, what is a massive dillution.

The shareholders risk their cash hoping for a good return, we acknowledge the risks and we are patient but we also need to be confident that the board will do what they say they will. Frankly, the goodwill we gave them has been squandered and they got too comfortable. They need to know that, there is no more good will. IMO, they are avoiding any sort communication to the shareholders because they don't have the answers and public apologies will crystilse the feeling that they aren't up to the job.

We speculate here because the communication is bad. We are left second guessing every RNS that is released. IMO, they haven't learned their lesson and they will continue to obfuscate because the truth is probably worse than most here think.

As it stands, 737 aside, the director buys last week probably means there is no immenent news due from Aus. RF will know this and will keep drawing down because they know that when the sp does go up. They have an option to purchase the warrants at 10p. The whole RF saga will cost in the region of 40 million shares and any future deal won't take this into account so if a deal is worth a £1 SP, then the initial £2.5 loan will have cost the shareholders £40 million. If by some miracle, the SP reaches £10, the total cost to shareholders is £400 million.

Yes, we want the board to succeed but the above is mostly of their own doing. The fact that Parker hasn't gone probably means he is a vital cog in negotiations of the deal we all hope they are making. That's about as positive as I can get right now.

Math Prof is correct, we will just keep giving RF shares until the £800k is paid. It's a sh*t show. Just chucking more dillution on top of dillution. We'll be at 106 million shares when all this is done. We were under 70 million before RF came along. As well as the 90% loss in value, That £2.5 million they lent us will have cost 40 million shares. You can't spin this any other way but appalling.

We don't know that is Boundless. I mean it almost certainly isn't as they already have a CHK1 compound. They did fit the bill though. Was a Privately held bio (Just done an IPO). I can't see that ICR would license the compound without some stringent causes around the development.

I still think 737 has gone to some of the original Sierra team and they will put a data package together for a combo trial to gain further funding or sell on once-in trials. We will find out soon enough or it will get handed back and we'll be at square one again.

I think we will see trading all the way to a £1. To use the language of the internet boards, every 10p is another bag for those that bought in the market. I guess we don't know what broker note Hybridan put out to its clients when recommending the offer but when\if we hit that, I think we will see quite a few sells. Any Hybridan clients here or on the Telegram group?

MM Code 400, Trade Sideways posted this morning. If you believe that sort of thing. I don't believe MM's would still use this method but there has been some good posts on Reddit where coders have track the so-called MM's codes and than tracked what the MM's did with the share price. So who knows?

Jeez, Billy, That is a holding! I guess £1 would mean a good year for you. I'm expecting good news from Oz and a partnership, especially if non-dilutive will see us nack over £1 If 737 news comes as well, we might push towards £2 or at least past the point where RF came on board.

I'm in agreement that if the SP start to rise, it won't matter. Mainly because there are 24 million new shares bought at 10p. Some of those are in sticky hands but 20p is double your money, 30p triple and so on do we will see some profit taking. We all know this is going up but the RF facility is a phycological drag and I personally don't think the sp will rise much if we keep seeing the afterhours sells. Having said that, I think we probably have more RNS due.

Yes, I thought that. If they wait until say 15p. They will get out with more cash than if they sell all cheap and sareum make up the difference. This is more difficult than the science to get you head around.