Jun. 14 at 10:59 PM
$ARCT The Joe Payne playbook never changes: sell the vision, miss the timeline, repeat. The CF story continues to raise more questions than answers, and shareholders have been hearing "just wait for the next catalyst" for years. Many investors also point to the disappointing outcome of the CSL collaboration as evidence that management's promises haven't translated into lasting value creation. On top of that, ARCT's mRNA manufacturing and purification approach has yet to convince the market that it offers a meaningful competitive advantage, and critics have increasingly questioned whether the company's formulation strategy is capable of delivering the results that have been promised. Meanwhile, the stock keeps underperforming, commercial success remains uncertain, and dilution risk never disappears. At some point, management has to deliver results instead of another narrative. #ARCT #Biotech #Bearish
