fair points in relation to when you would personally buy MSB...

fair points in relation to when you would personally buy MSB madamswer, but i think we all have different risk-reward preferences for different components of our portfolio, depending on our age, financial situation, etc.

i have come relatively late to the MSB share register, and I think fundamentally your points about the time to invest are valid, but of course quite a lot of the upside in MSB as a multi-bagger will be gone by the time they have proven they are able to be independently profitable and grow organically. MSB is a small cap biotech and so many of us are investing a tiny % of our portfolio looking for a reward of multiple times our initial investment within say 2-3 years. The risk is high, the reward is high.

So each to their own.

If MSB can deliver a second successful trial in LVAD/ CHF as a follow up to the GVHD trial, they really are in the box seat and will be re-rated substantially, because at that point the likelihood of profitability or a takeover becomes much higher. Waiting for proven profitability could result in missing out altogether such as with VLA recently.