BLCM - Bellicum Pharmaceuticals: Narrowing The Thesis And Simplifying The Investment

• Over the past couple of years, Bellicum Pharmaceuticals has made several changes that have streamlined their pipeline and their OpEx. Consequently, I have had to adjust my thesis and expectations.
• Bellicum was only a few quarters away from being a commercial company and collecting revenue. Now, the company is back to proof-of-concept and Phase I trials.
• Previously, I "played chess" with BLCM in order squeeze out some profitable trades and obtain a good risk-reward cost average. Now, I am looking to simplify and play checkers.

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