And the other one was me. I didn't predict the company would commit fraud in my opinion.
On April 8th, 2022, the company
filed an 8-K with the SEC stating that they laid of 30% of their workforce. In the filing they state:
"These changes will preserve capital, ensuring that the Company is appropriately resourced to advance its pipeline of potential first-in-class treatments through key development milestones. These milestones are the completion of the Phase 2b study of FX-322, a Phase 1b study of FX-345, and a Phase 1 study in the Multiple Sclerosis program."
They said it would ENSURE a Phase 1b study of FX-345, yet here we sit with the FX-345 trial abandoned halfway through and no data to go along with it. As recently as December on
their investor presentation, Lucchino stated
"and we will have data from that program in the 2nd half of 2023" when speaking about FX-345. If that isn't fraud, I don't know what is.
What's even funnier is the company saying the same bull@#$^ again in
their most recent filing. It states that with the most recent round of job cuts that
"These changes will preserve capital, ensuring that the Company is appropriately resourced to complete a first clinical trial of its MS Program." Management seems more interested in extending their cash pile in order to keep collecting their half million dollar salaries for a couple more years rather than do what is best for patients and investors.
I was extremely bullish on the company before but after this stunt they pulled, they seem like fraudsters to me now.