Interesting conversation. I sort of agree with you and I used to...

Interesting conversation. I sort of agree with you and I used to have a bias to these sorts of companies. However I think part of the issue is how the companies go about talking about their business.

I often feel like the market isn't really being informed correctly. Either a company makes you feel they're making amazing progress, only to be let down by the financials, or they do not communicate much and expect you to understand they're making amazing progress. BTH not segregating upfront payments in their 4C commentary for example...

I would appreciate somewhere in the middle where the market is informed as to the estimated timeframe for certain milestones and then management goes ahead and works towards them. Then investors can decide where in the progress of the company they want to hitch a ride. I think the market would then value companies at different stages a bit more appropriately so that investors are rewarded. Cap raises would be at higher amounts etc etc.

It may be the chicken and the egg situation I'm not sure, but I do think the companies in this space can't solely blame the market tbh.