It's all over except for the crying here. Two offerings in 45 days at ridiculous terms, this is a joke.
These warrants are nothing more than a giveaway to bring down the effective offering price without having to price the deal 30% below the market.
In the last five months alone they have now done 3 offerings for gross proceeds of $14M for 5.8M shares and 3.5M warrants. The net effective price of these offerings was $1.51 (you could make argument I shouldn't include warrants from the August 2012 offering, as at least their exercise price was ~20% above the offering price, but the last two offerings were pure giveaways).
On just a basic sharecount basis, ARWR now has 17M shares outstanding, which is up from 10.5M at time of R/S and 3 years
They have yet to sign a single partnership that had any material upfront cash component to it
They purchased from Roche assets with some potentially interesting technology and a research facility for literally pennies on the dollar for what Roche had paid for it only a few years earlier.
Can someone please explain to me why we should expect the next five years to look any differently than the previous five? And please no spouting this nonsense about short-term focus, etc. You may be new to the company but these are the facts of the past five years before you came upon this company.
Only Daledo and Surfer (think they) can answer your question but they seem to have mysteriously disappeared. Ive complained about Anzabaloney for years and everyone had excuses for him. Excuses seem to be far and few these days. What ever happeend to their line of credit they could draw down on? Im thinking a class action lawsuit cant be too far away.