Dear Longs,

It is Friday night and it has been a long week, but it has been a long four + years for a lot of investors.

I posted a couple of topics just recently: One about the MASH Poster being pulled last minute from a MASH TAG conference. Plus, I posted about Refinitive data that is on several trading platforms and on YF.

I have to thank RESPERT from Investor Hangout for the inspiration for this post and for some other posts complaining about not having the MASH mice data by today.

As most of you know, I am voicing my opinion. It is speculation on my part.

I am asking Longs to review with me now the MASH part of the Shareholder letter dated 12-17-24:

First, CytoDyn previously announced exciting results from an initial preclinical study with SMC Laboratories evaluating leronlimab in the treatment of a mouse model of MASH. The results from this preliminary study demonstrated that high dose leronlimab was significantly better at reversing liver fibrosis compared to an IgG 4 isotype control and demonstrated a trend toward better fibrosis reversal compared to Resmetirom. The final results from that study have now also demonstrated that leronlimab (both high and low dose) was significantly better than Resmetirom at reversal of fat deposition (steatosis) in the liver. These exciting findings have been submitted as a late breaker abstract to the MASH TAG conference and, if accepted, will be presented at the meeting in January*. In September, CytoDyn launched two follow up studies to confirm and expand on these preliminary results. The first follow-up study seeks to confirm the observations of the original study with larger cohorts of mice (12 versus the original 8/group) and will compare leronlimab with a GLP-1 agonist (Semaglutide) in addition to confirming the comparisons with Resmetirom. The second follow-up study involves the administration of CCL4, a drug that directly causes liver fibrosis in mice. This study will clarify if the observed reversal of liver fibrosis is restricted to the MASH/fat deposition pathway or might occur independently of the etiology of fibrosis (e.g. alcohol, viral hepatitis, etc.).* The results from both follow-up studies will become available in January.

I have been at these Cardiology conferences for 33 years and in the last 20 years, they started doing these "Late-Breaking" abstracts at these conferences. To qualify for a "late-breaking" abstract, the content has to be pretty special.

Sometime after the Shareholder Letter was issued on 12-17-24, we found out that CYDY did indeed submit their abstract/Poster and it was accepted. The conference link: https://www.mashtag.org/ was held January 9-11th in Park City, UT. A couple of days before the start of the MASH TAG conference, it was reported by Long investors that CYDY pulled the abstract/Poster from that meeting, and Melissa Palmer would not attend.

Key POINT #1: You do not submit an abstract for late-breaking announcement at a conference if you got crappy data. It must've been GREAT data to be considered for "Late-Breaking" status.

So, for whatever reason, they pulled the accepted abstract/poster from the conference, it is the same reason not to disclose that information from the investor community and the general public at the end of January. To be fair, Dr. JL never said he would disclose the data to the general public. Nonetheless, What could that reason be???

I pointed this out in my OHHHHH Baby post but will reiterate briefly here: IMO the reason that CYDY pulled the MASH abstract/poster from the MASH TAG conference is because they were told to by their future partner in MASH. Why do I think that?

We longs have been reading for a couple of years, since Cyrus laid out his first plan in 2022, about how MASH studies would result in partnership in MASH. When Dr. JL first came on in his official CEO role, I remember a comment about CYDY being told to perform certain pre-clinical studies to obtain a partner.

Here we are, with no announced partnership! If CYDY was not in talks of any kind; CYDY would have been at the MASH TAG conference waving the LATE-BREAKING ABSTRACT POSTER in the FACES of every BP who attended that conference. But, we pulled out; because in my opinion, we were told to. Whoever, the partner is wants to keep a low profile on two things:

1. LL is freaking GREAT drug especially in MASH, and why let the competition know. In the competitive world we live in, you try to keep intelligence out of the competitors' hands as long as possible.

2. Until the MASH partnership with CYDY is locked up, the partner probably does not want another BP to jump into the mix. My God!!

Lastly, whats up with the Refinitiv data?? I have read a lot of posts saying the ten days is up on a 13D filing. But, in my other post regarding Refinitiv; I stated the following:

 From SEC website:

What Is Schedule 13D? Schedule 13D is a form that must be filed with the U.S. Securities and Exchange Commission (SEC) when a person or group acquires more than 5% of a voting class of a company's equity shares. Schedule 13D must be filed within 10 days of the filer reaching a 5% stake.

Additional information:

What is the rule 13D 60 days?

Rights to acquire beneficial ownership: Under Rule 13d-3(d)(1), a person is deemed a beneficial owner of an equity security if the person (1) has a right to acquire beneficial ownership of the equity security within 60 days or (2) acquires the right to acquire beneficial ownership of the equity security with the ...Oct 27, 2023

NOW THAT IS INTERESTING. This entity/institution/person is deemed a beneficial owner of an equity with the rights to ACQUIRE beneficial ownership of equity within 60 days. Basically, this entity has to ACQUIRE their plus 5% ownership within 60 days!

Is that why Refinitiv data is ahead of the 13 D filing? I hope so!

More from Bogelhead20 on ST:

Refinitiv, previously owned by Thompson Reuters and Blackstone, had extensive access to financial data networks, which allowed it to track market activities like private placements and institutional ownership BEFORE the SEC filings were made public.

END of post from a few days ago.

You can see that from the SEC, you may have a situation of some entity with "rights" to acquire more than 5%. This entity has 60 days to acquire the amount of shares that exceed a minimum of 5%. Isn't Refinitiv reporting 21.4%?? Could this be the potential partner?

The MASH partnership is where my thoughts are leaning. I have waited 4+ years, what's another 60 days?

Have a great weekend!