The ‘numbers’ are toxic. Rarely do you see, except in the biotech’s such risk.

On the ability to create value, measured through a return on equity, the returns have been falling over the 4 yrs of statements to the current [-30.91%] The stock currently is creating no wealth, it is destroying it.

Cashflows are all negative, pushed even further into the red by capital spending requirements. This makes the stock totally dependent on outside financing, either debt, or new equity raising via additional shares, or some other method: grants, subsidies, etc.

This makes the liquidity risk enormous. The chance for bankruptcy is ever present. For all intents and purposes, it is bankrupt, so dependent on additional capital is the operation.

Not included in the numbers is the ‘what if”? What if it actually delivers the product that it is researching/developing? Diagnostics are not as sexy as ‘cures’ or rather treatments. Obviously this won’t necessarily impact revenues, but it may impact the multiple assigned to those earnings.

This is either a home-run, or bankruptcy.