Today’s PR about the delisting of the June 2020 warrants is a sad reminder of this investment. I am sure for many here, to date, this is one of the most disappointing investments they have made.

The expiry brought me back to four or so years ago when I purchased the warrants and was naïve/foolish enough to prepare a little spreadsheet with the leverage and profit I would make at an exercise of $5, $10, $15, $20 and $25 and $30. 

But it is what it is, this is/was always a speculative investment. Fuzzy’s report card was pretty much bang, but I place as much blame on myself as management. When you buy a stock, evaluating management is a particularly important factor. Obviously, the trial results cannot be blamed on management, although trial design can be debated by those, that have a better understanding than I, but financing and partnerships, that is another story.

I also find the disconnect factor as much an issue as the report card factors. How can such sophisticated large shareholders allow this to bobble along, how is such a potentially important drug with a BTD not worthy of a Big Pharma’s offer and why has nobody in North America and Europe other than Dart (a former American) not deemed this worth their investment?

Personally, I have been selling off my shares the last while and now have a small share position. I have a bunch of May 2023 warrants, but I am not holding my breath at $4.60. Hopefully in the end RVX proves me wrong and I regret my lost faith, but I am still here only because I have invested in the lowest cost manner (warrants) and I have been here so long, I have to keep some skin in the game until at least May 2023, not the greatest of investment theses.