Re: OT Hangerguy on poison pills .
There may be different designs of poison pills ... I am not an expert. Essentially you put into articles of the corporation, an approved plan voted in by its shareholders that every stockholder of record, upon a certain date of the choosing of the BOD, will receive a vast increase in shares, commensurate to that shareholder's count of shares, an arbitrary ratio, say 15 for 1 as an example. The hostile party has a more difficult time garnering sufficient votes for shareholder approval at their acquirer's low-ball price.
Poison pill legalese became very popular in the late 1980's (Barbarians at the Gate, Lewis?) when hedge funds and big money went after targets for acquisition that had combinations of factors -- massive cash balance or excellent product market share, fair to poor management, low debt, or bright promise for a lean-and-mean "cut the fat" in headcount and subsequent break-up and spin off or sale of underperforming divisions ... with the acquiring company adding to their own wealth.
I invite others experienced in Street mechanics to expand or correct my understanding.
All of small/mid cap biotech is vulnerable, at the moment, imo, trading at the bottom quartile of 52-week valuations. While there have been many foot-shots in trial outcomes, the massive potential in gene and cell engineering is still intact ... it just needs more time. All the best.