I think dilutions were a major factor in the SP decline. It happens to every pre-revenue biotech because they need to raise money to advance the pipeline. When the SP was ~$5 in December 2014, the OS was 116.6M. Now the OS is 147.2M. Even if the MC stays the same ($500M in 2014), the SP will decrease by 26% due to 26% dilution.

Drug development takes a very very long time. Successful companies such as PCYC and JAZZ all hit rock bottom before taking off. I don't know whether non-retail was upside down in their stocks nor do I care (I still don't know what upside down means), but I think IPIX is no different and it's at rock bottom right now.

IPIX is a biotech so science is the most important IMO. I find it interesting that the majority of some people's posts are about conspiracy theories. I think it's taking attention away from the impending partnership and trial result. I hope we can discuss more about science and less about conspiracy theories.

When Leo announces a partnership, the SP will take off because of third-party verification in the form of upfront payment, milestone payments and royalties, not because whether non-retail is upside down or downside up.

Have a nice weekend!