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Unless all the warrants have been exercised before 20/10 (expiry date) i suspect they will issue year end results soon after the expiry date so the hopefully good news and solid progression will not be sold into by warrant holders.

Only just over a week to wait now.

Cammy - agree with the cash situation but for balance the £10m YE rev was reiterated only a few weeks ago so that's c 100% increase from H1 to H2 - not all contracts will be new, they can be expansions to existing agreements. Skin Trust Club has had a soft launch thus far but this should start generating decent revs too (although with marketing spend costs will also increase).

So whilst there are concerns it is not all doom and gloom IMHO

the 135p broker target includes the 90% assumption, so a 10% discount - therefore the actual FDA approval day 1 price is 150p.

Not saying we will go that high but 130p plus is definitely possible

and CEO stated last week he has not been informed of any potential delay, and if he did he would need to communicate this to the market, so i think the 90% is now even higher

and there we are, now c35p drop ona 45p divi - more like what i was expecting

surprised this has dropped over 50p - divi is 45p

But there wasn't much in the forward looking statement and YE is only 1 month away so the last 5 months trading has clearly not been great too.
Even comments about reaping the benefits in Y23 are a tad worrying IMHO.
At least the cash position is healthy

unless i've missed it no comment from JW today. Usually a sign he's looking after number 1. Noticed BIOM recently announced some delayed revenues (so a profit warning) and he remained quite bullish.
There are enough signs of progress today to keep me interested.
TRU's PR isn't get - can't find any interviews etc following the results today. Pretty poor

lor - totally agree, but they did do over £10m in H2 last year so are H2 weighted (assuming Playstack do release something early (ish) in Q4 rather than at the end).
If Satago is sold following the trial end in Dec how much is that worth?
Also, Oxygen is profitable and continues to grow (20% in Q3 was mentioned).
Definitely some short term pain, but hopefully only in the short term, however, forward looking statement/outlook could have been more bullish, so who knows

Good find Mudis and good to see Accrufer mentioned a few times - will help to increase awareness.

OAP - surely 6 months is an average (and also CEO stated this to manage expectations) as we are targeting the high prescribers first, some of whom write 20 plus iron prescriptions a week, surely some of these negotiations will be easier and quicker than others.

space - see RNSs from 10th Dec and 26th Feb - almost promised an US commercial partner in 2020, it didn't happen so STX is going alone, needs loads of money though so a large discounted fundraise. Now need evidence that new strategy is working - this takes time.

Possibly saigon - but when it was extend i noted this at the bottom of the "Both parties are keen to work closely and continue the commercial pilot, in which Satago will develop further integrations with the Bank's infrastructure and drive additional reach through Lloyds' regional sales network."

Firstly, don't forget the 1st 6 months would have been impacted by covid and when it was extended the 'further integrations with the Bank's infrastructure' reassured me, as why do this if it wasn't adding value?

From today's statement it appears the trial was never an exclusive one, hence the low revenues to date, so maybe TRU are merely stating other companies are interested. Also the word 'significant' is interesting. Maybe another of the top 4 banks. I do remember one analyst speculating that Barclays and Lloyds could get into a bidding war, and i wondered at the time why he would mention Barclays specifically.

Maybe i'm being overly optimistic but within NDAs in think TRU are telling us things are going well. We will find out before xmas. I'm also sitting on a decent loss as of today!!

re-read the results and this is the bit that has spooked people
"The pandemic has impacted the growth of Playstack's brand division as clients retrenched their marketing spend and focused it on existing channels. However, Playstack is excited by the opportunity and looks forward to showcasing the technology to shareholders in due course, with a formal launch expected by year end"

Playstack was the big earner in H2 last year that mainly accounted for 100% revenue increase YoY so this delay may be a revenue warning for 2021 as a whole (broker has £17m, which does seem a stretch). I'm not a gamer but the release of Mortal Shell was Aug 2020, perfect for lockdown and xmas. If there is a follow on release we need this no later than November surely. Comment today was by end of year - hopefully just being cautious

However, of the other 3 divisions 2 are now EBITDA positive and Satago seems to be primed for being purchased by Lloyds so it is not all doom and gloom.

Results are NOT terrible!!

A terrible SP reaction but the results are terrible. Revenues up up (good) and all 4 areas of the business are making progress. The lloyds tie up seems to be making great progress so a deal or maybe a buy out seems on the cards (and the trial seems to be holding back revs at the moment) and TRU state they are also speaking with other large commercial partners.
On the negative the overall loss is bigger than i was hoping and cash burn is also bigger than i would like but still loads of cash so not a concern for the next 12 months min.
Keep the faith

good point re S.Korea deal - it has been mentioned we are in 'early' negotiations with other partners so maybe one of these will be concluded in 2021. Japan seems the obvious one and possibly Canada (as likely no additional regulatory approval required as already FDA approved). A decent upfront payment will help the cash position.

It would be nice if Norgine pulled their socks up as by now i would hope that this revenue would cover all non US costs, however, they are miles away at present. Hopefully coverage in Spain, Italy and France will start soon (assume pricing discussions were delayed by covid) and also Australia and NZ too.

An October update for the US would be great, however, i wonder if the CEOs comment re lack of awareness has meant that the first couple of months were spent just getting information packs out there etc to facilitate the sells in Q4.

If 75% of the 4k targeted top iron prescribing clinicians do sign up for accrufer does this mean they will buy a bulk load? If so even a small initial order of say $1k (40 months supply) will equate to $3m. $2k would be $6m etc.

the problem we have is there is no visible progress in the US and this is clearly making a few nervous.

The basics are that we have c£22m in cash and at the current run rate this will last 12 months so US revenue is critical to avoid another heavily discounted fundraise.
The new CEO has reassured that the strategy is correct but is also quick to point out that Accrufer awareness is low and that the payer coverage sign up process can be between 6 months and 1 year.

Unfortunately STX doesn't have the time. A slow start up is fine and expected but revenues need to start dropping after say 3 months as the top 4k of clinicians who are being targeted are the big prescribers so surely will be 'warmer' leads.

I think Oct and Nov are big months (as i assume Dec is a quite period) as revenues must be at least $1m in each month if STX is to hit it's own broker targets for 2021 (c$4m US revs). As no revenues have been mentioned so far it is fair to assume they are quite low - although happy to be proved wrong.

So whilst we need to be patient we also need to get a move on!!!

not sure GB can be described as a great communicator. Every time he does a presentation the share price falls soon after!!!

https://twitter.com/SharePickers?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

says H1 results are out 29th Sept.

late trade from Friday was 1m shares at 4p - looks like another lot of warrants being exercised. Must be on fumes by now

Hardman's have reiterated their 281p price target. Refers to an 'apparent' slow start in US. Maybe more is happening behind the scenes

Investment summary: The Shield-led launch of Accrufer was always the best option, in our opinion. Now that the period of commercial uncertainty in the US is over, the near-term target is to raise awareness, promote patient access programmes and establish payor coverage. The market seems overly worried about the “apparent” slow start, but any news on sales traction and/or the signing-up of payors should act as a catalyst to narrow the valuation disconnect.