Assessment is very difficult for small biotech companies. Essentially, it comes down to trying to gauge the possibility of clinical trial success, and at the same time gauging the ability of the company to 'survive' and fund its trials and possibly enter into partnerships. Many such companies are binary: they work, or they fail. We have to look for partnerships/royalties. A larger company in the field providing capital, management or expertise can go a long way in providing credibility and improving investor confidence. It is often better to invest 'later' rather than earlier in such instances. Management is key, as always, but even excellent management cannot 'make' a trial work. TLT has potential, certainly, but its small size and need for capital keeps investor interest low (the stock is down 20% this year). Insiders own 8%. The stock is down 32% over the past 10 years. We would not be buyers at this time. The poster outlining its development is encouraging, but it is still many many years away from any approval.
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