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Relatively low volume with several large trades indicates MM accumulating for someone and transferring the shares in the large trades. Goes back to earlier this year when the PPS stopped for quite a while in this area. Solid base being formed.
FFTT
JBAIN
There you have it, from someone who flies broken planes for a living
Jewel? More like Cubic Zirconia!
Just curios if we get some news and clarification this week on what the hell is happening in our "jewel"
That was quite a big sell Friday PM.
Well one of the reasons for todays volume was that it was triple witching day....always get plenty of volume!
And while I am at it and still holding my breath...apparently once the financials are revised/restated to reflect the increased interest charges, the company will still have a CC....which I think is a real positive!
Should not be too long!
FOR ONCE, it looks like the buyers were back today....I bought a few thousand shares
at this closing price back in mid November......we wouldn't be here if not for the "screwup"
over the agreement !! GLTA...hoping for some follow-through Monday.........
The last regular trade was over 1.3 mil shares.
Date/Time Price Shares Exch/Mkt
03/15/2024 16:01:33 EDT P 6.29 791 NDD
03/15/2024 16:01:25 EDT P 6.29 5020 NDD
03/15/2024 16:01:17 EDT P 6.29 368 NDD
03/15/2024 16:00:36 EDT I 6.29 5 NDD
03/15/2024 16:00:36 EDT P 6.29 936 NDD
03/15/2024 16:00:36 EDT P 6.29 4357 NDD
03/15/2024 16:00:36 EDT P 6.29 2752 NDD
03/15/2024 16:00:36 EDT P 6.29 18887 NDD
03/15/2024 16:00:36 EDT P 6.29 4330 NDD
03/15/2024 16:00:36 EDT P 6.29 11323 NDD
03/15/2024 16:00:36 EDT I 6.29 6 NDD
03/15/2024 16:00:11 EDT I 6.29 2 NDD
03/15/2024 16:00:10 EDT I 6.29 2 NDD
03/15/2024 16:00:07 EDT W 6.29 2035 NDD
03/15/2024 16:00:07 EDT W 6.29 3520 NDD
03/15/2024 16:00:01 EDT T 6.29 533 NDD
03/15/2024 16:00:00 EDT I 6.29 1 NDD
03/15/2024 16:00:00 EDT X 6.29 1331702
We’ve traded around 26 million shares in the last 7 trading sessions and no 13g filed?
Over 40% of the outstanding shares?
And I thought the vet bills and subsequent urgent care bills for imaging our cat with a cat hospital stay of 3 days and nights were high. She was morose and ate nothing for quite a few days. Some surgery and appetite stimulating cream applied to her ears did wonders. Our cat is back home now happily eating/snacking and sleeping away. The vets at those 2 locations know what they’re doing.
Got the hospital charge submitted for my wife’s biopsy for her lung mass(pet scan was indeterminate)…altogether $50k..wow…r
I don't think they are looking that hard for new business. I think they have there eggs in the basket of several late stage drugs they have in the pipeline.
I believe the insider buys were not to just show a good faith with shareholders.
Plus the word "cross training" isn't in the their corporate vernacular...are the PD employees being utilized to maximize "tomorrow's" potential production flexibility requirements if a contract comes thru?...quits/LOA/promotions etc...at least try to window dress the yr report when the company is going to lose over $20 mil or more that measures are being taken to minimize the bleed and preparing for the turnaround without adding more labor costs than what is already incurred if PD revs continue to sag/remain neutral at best...imao...r
Well some ship
We have a CFO who negotiated a convertible note and forgot what was agreed upon.
We have a Legal department that didn't read or just missed a part in a company contract
We have a commercial team that can't sell their way out of a paper bag
We have a HR head that is in Las Vegas right now on the company dime at "Transform" learning how to be a "change agent"
Plus we lost $17mil so far this year and we're still hiring 16 paid interns this summer so our people have someone to babysit until some work comes in.
So yeah the ship is righted lol
Well the ship is righted so to speak, at least from the point that Avid is once more a going concern and everyone can again refocus on business execution and working on filling up our excess capacity. So from a pure business and financial stability point of view, Avid is back on track.
The share price unfortunately is not doing so well as there is still considerable doubt out there by buyers of whether Avid can get their proverbial sh_t together...at the very least, this is certainly a black eye...a bump in the road....a pothole....well you know what I mean.
The interest they are paying on this convertible is not terrible but will result in an additional 10 million(plus or minus) in interest expense every year which is not ideal, but if they start making progress on filling capacity and don't have any more major setbacks, this additional expense can easily be absorbed.....as we all know, profitability is all about filling capacity as our margins overwhelmingly increase with our increase in volume due to the high fixed costs. At full capacity this becomes a cash cow with margins in the 30% to 40% range....we can all do the math here...the loan becomes a footnote and could be paid off easily in just one year of this positive cash flow.
Don't get me wrong.....I am not excited here about the short term prospects, and still hugely disappointed in how management messed up on their original convertible and still want some answers(which may or may not be forthcoming). But in the end I am holding this stock and will not sell here.
If a buyout offer came in the $10 to $12 range, I would seriously consider voting in favor as IMO, we will not again see the $20's for a very long time(IMO).
Does this require an amended S3 to be filed with a legal opinion by some entity?...r
Item 1.01 Entry into a Material Definitive Agreement.
Indenture and Notes
On March 12, 2024, Avid Bioservices, Inc. (the “Company”) completed its previously announced private offering (the “Offering”) of $160.0 million aggregate principal amount of 7.00% Convertible Senior Notes due 2029 (the “Notes”). The Notes were issued pursuant to an indenture, dated March 12, 2024 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee.
The Notes are senior unsecured obligations of the Company and will mature on March 1, 2029, unless earlier converted or repurchased. The Notes will accrue interest payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2024, at a rate of 7.00% per year. The Notes are convertible at the option of the holders at any time before the close of business on the business day immediately preceding September 1, 2028 only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending on July 31, 2024 (and only during such fiscal quarter), if the last reported sale price of the Company’s common stock, par value $0.001 per share (“Common Stock”), for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price for the Notes on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Common Stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events as set forth in the Indenture. On or after September 1, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Notes may convert all or any portion of their Notes, in integral multiples of $1,000 principal amount, at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the Indenture.
The conversion rate for the Notes will initially be 101.1250 shares of Common Stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $9.89 per share of Common Stock). The initial conversion price of the Notes represents a premium of approximately 12.5% to the last reported sale price of the Common Stock on the Nasdaq Capital Market on March 6, 2024. The conversion rate for the Notes is subject to adjustment in some events in accordance with the terms of the Indenture but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur before the maturity date of the Notes, the Company will, in certain circumstances, increase the conversion rate of the Notes for a holder who elects to convert its Notes in connection with such a corporate event.
The Company may not redeem the Notes prior to the maturity date.
If the Company undergoes a fundamental change (as defined in the Indenture), then, subject to certain conditions and except as described in the Indenture, holders may require the Company to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.
The Indenture includes customary covenants and sets forth certain events of default after which the Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company after which the Notes become automatically due and payable. The following events are considered “events of default” under the Indenture:
• default in any payment of interest (not including additional interest (as defined in the Indenture)) on any Note when due and payable, and the default continues for a period of 30 days;
• default in the payment of principal of any Note when due and payable at its stated maturity, upon any required repurchase, upon declaration of acceleration or otherwise;
• the Company’s failure to comply with its obligation to convert the Notes in accordance with the Indenture upon exercise of a holder’s conversion right;
• the Company’s failure to give a fundamental change notice, notice of a make-whole fundamental change, or notice of a specified corporate transaction, in each case, when due;
• the Company’s failure to comply with its obligations in respect of any consolidation, merger or sale of assets;
• the Company’s failure to comply with any of the Company’s other agreements contained in the Notes or the Indenture for 60 days after its receipt of written notice of such failure from the trustee or the holders of at least 25% in principal amount of the Notes then outstanding;
2
• default by the Company or any subsidiary of the Company with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $10.0 million (or its foreign currency equivalent) in the aggregate of the Company and/or any such subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, and in the cases of clauses (i) and (ii), such acceleration shall not have been rescinded or annulled or such failure to pay or default shall not have been cured or waived, or such indebtedness is not paid or discharged, as the case may be, within 45 days of the occurrence thereof;
• a final judgment or judgments for the payment of $10.0 million (or its foreign currency equivalent) or more (excluding any amounts covered by insurance) in the aggregate rendered against the Company or any subsidiary of the Company, which judgment is not discharged, bonded, paid, waived or stayed within 60 days after (i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished;
• certain events of bankruptcy, insolvency, or reorganization of the Company or any of the Company’s significant subsidiaries; and
• default in the payment of additional interest on any Note when due and payable, and such default continues for a period of 30 days after written notice of such default from any holder of the Notes then outstanding has been received by the Company or the trustee.
If certain bankruptcy or insolvency-related events of default involving the Company (or any of its significant subsidiaries) occur, 100% of the principal of, and accrued and unpaid interest on, the Notes will automatically become due and payable. If an event of default with respect to the Notes, other than certain bankruptcy- or insolvency-related events of default involving the Company, occurs and is continuing, the trustee, by notice to the Company, or the holders of at least 25% in principal amount of the outstanding Notes by notice to the Company and the trustee, may, and the trustee at the request of such holders shall, declare 100% of the principal of and accrued and unpaid interest on all the outstanding Notes to be due and payable. Notwithstanding the foregoing, the Indenture provides that, to the extent the Company so elects, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture will, for the first 360 days after the occurrence of such event of default, consist exclusively of the right to receive additional interest on the Notes at a rate equal to 0.25% per annum of the principal amount of the Notes outstanding for each day during the first 180 days after the occurrence of such an event of default and 0.50% per annum of the principal amount of the Notes outstanding from the 181st day to, and including, the 360th day following the occurrence of such event of default, as long as such event of default is continuing (in addition to any additional interest that may accrue as a result of any other default).
The Indenture provides that the Company shall not consolidate with or merge with or into, or sell, convey, transfer or lease all or substantially all of the consolidated properties and assets of the Company and its subsidiaries to another person, unless: (i) the resulting, surviving or transferee person (if not the Company) is an corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and such successor entity (if not the Company) expressly assumes by supplemental indenture all of the Company’s obligations under the Notes and the Indenture; (ii) immediately after giving effect to such transaction, no default or event of default has occurred and is continuing under the Indenture; and (iii) the Company shall have delivered to the trustee an officer’s certificate and an opinion of counsel, each stating that such consolidation, merger, sale, conveyance, transfer or lease and such supplemental indenture, if any, and instrument of assumption, if any, comply with the Indenture.
A copy of the Indenture is attached hereto as Exhibit 4.1 (including the form of the Notes attached hereto as Exhibit 4.2) and this description is qualified in its entirety by reference to such document.
Proceeds
The net proceeds from the Offering were approximately $153.5 million, after deducting the placement agent’s commissions and the estimated Offering expenses payable by the Company. The Company expects to use a portion of the net proceeds from the Offering (i) to repurchase for cash a portion of the Company’s 1.250% Exchangeable Senior Notes due 2026 (“2026 Notes”) in privately negotiated transactions from certain noteholders and (ii) to the extent there are 2026 Notes outstanding after such repurchases, to repay in full any remaining outstanding 2026 Notes by depositing the required payoff amount with the trustee under the indenture for the 2026 Notes. As described in more detail in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 6, 2024, all of the 2026 Notes have been accelerated and have become due and payable pursuant to an acceleration notice.
The Company issued a press release to announce the Offering on March 7, 2024 and issued a press release to announce the pricing of the Offering on March 7, 2024, copies of which are filed as Exhibit 99.2 and Exhibit 99.3 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 7, 2024.
3
Amendment to Credit Agreement
In connection with the Offering, on March 12, 2024, the Company, as borrower, entered into Amendment No. 2 to Credit Agreement (the “Amendment”) among the Company, the lenders party thereto and Bank of America, N.A., as administrative agent, which amends the Company’s Credit Agreement with Bank or America, N.A. (as amended, the “Amended Credit Agreement”). Pursuant to the Amendment, the Amended Credit Agreement, among other changes, (i) waives the events of default under the Credit Agreement as a result of the acceleration of the 2026 Notes, (ii) permits the issuance of the Notes and the repayment of the 2026 Notes and (iii) adjusts certain financial covenant in the Credit Agreement.
References to the terms of the Amendment and the Amended Credit Agreement are qualified in their entirety by reference to the full text of the Amendment, which is incorporated herein by reference to Exhibit 10.1.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Forward-Looking Statements
Statements in this report, which are not purely historical, including the use of proceeds from the Offering, and other statements that are not statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, those related to market and other conditions; and other risks and uncertainties that are described in the Risk Factors section of our annual report on Form 10-K for the fiscal year ended April 30, 2023, as well as any updates to these risk factors filed from time to time in our other filings with the Securities and Exchange Commission. We caution investors not to place undue reliance on the forward-looking statements contained in this report, and we disclaim any obligation, and do not undertake, to update or revise any forward-looking statements in this report except as may be required by law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Description
4.1 Indenture, dated as of March 12, 2024, by and between the Company and U.S. Bank Trust Company, National Association, as Trustee.
4.2 Form of Global Note, representing the Company’s 7.00% Convertible Senior Notes due 2029 (included as Exhibit A to the Indenture filed as Exhibit 4.1).
10.1 Amendment No. 2 to Credit Agreement, dated as of March 12, 2024, by and among the Company, the lenders party thereto and Bank of America, N.A. as administrative Agent.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AVID BIOSERVICES, INC.
Date: March 14, 2024 By: /s/ Daniel R. Hart
$CDMO Has Completed Refinancing Of Senior Notes And...
Has Also Reestablished Credit Line.
Glta Bulls, Watchers, & StockHOLDERS!
Link:
https://ir.avidbio.com/sec-filings/sec-filing/8-k/0001683168-24-001462
The narrative has always been about competence and credibility, neither of which are qualities of CDMO management!
OK, I am not sure if they can skip the quarterly CC as this was part of their mandate that they voted on. We may have to wait awhile for them to restate their earnings and finish their "investigation", but we should hear something from Nick in the not too distant future.
It is sad that they just can't seem to get out of their own way, but in the end, this does not change the narrative.....its all about filling up their capacity....if they start achieving this, we are golden....if they keep stumbling along......well not so much!!!
https://ir.avidbio.com/news-releases/news-release-details/avid-bioservices-completes-construction-new-world-class-cell-and
Hi y’all …. These events are very disturbing to us long, faithful, and loyal shareholders, some here 25+ years like myself …..
That said, the precipitous drop in PPS from almost $35 down to $4 range has chopped $ 6 digits from my CDMO value or holdings value … @67 years young now, this was SO UNEXPECTED AND UNFORSEEN, THAT MGT. WOULD BE THIS INEPT IN BOOKKEEPING AND DUE DILIGENCE ALL THE WHILE CREATING STATE OF THE ART CDMO FACILITY AS WELL AS the VIRAL VECTOR FACILITY IS INCREDULOUS TO ME & I AM SO SURE SO MANY LONGS HERE …. NO PRESS RELEASE TO HELP MITIGATE THE DAMAGE THAT “THEY” IMPOSED UPON US, THE SHAREHOLDERS!!
All of the BS was totally foreseeable! TCLN/PPHM/CDMO. The name changes but the incompetence is forever!
NOTHING but selling !! Our prestige as the go-to manufacturer has
been damaged....a new plant that they cannot fill with orders !! forget
the "backlog nonsense"....an order on the books doesn't come with a
time table......the BOD has gone into the witness protection program
and this quarter's CC ain't happenin'...........................GLTA.......
TOTAL BS !!!!!
I too am shocked! Shocked! LOL!
Upon whose recommendation was K&L Gates brought on?…What is their exposure to legal recourse at this junction as well is a question that needs delving into… I was under the impression that we used them as supplemental legal and financial experts?… imao…r
Yes, but even more than that....who negotiated the deal that had an acceleration clause that could result in the loan being called without any kind of notification instrument as part of this....every loan has a provision of a time period(30 days?), after notification from the lender, to bring your payments up to date or risk having the loan called.
So is this a bump in the road, or a severe setback? "A failure of internal controls"......so how does that look to a BP that is waiting for approval from the FDA and needs a CDMO to manufacture this drug?
Do you trust a company like Avid that had a serious failure of their internal controls to manufacture this drug? Does this failure only relate to the financial department or is this widespread in the company and could affect their manufacturing controls also???
Now I may think this is a failure of internal controls only of their accounting/financial/legal division, but a BP or Biotech looking for a contract manufacturer may now be concerned that the entire company may not be well run. Is this the first and only cockroach or are there other issues?
As a shareholder, I am shocked at the incompetence and angry that insufficient controls were not in place!
I agree. As was said in the filings, there was a failure of internal controls. I would say a catastrophic failure. I expected much better of Nick. Yes, the auditors should have noted it, but it falls primarily on management.
This really needs to be said...If there's a lawsuit tailored to just clawbacks on all the execs and BOD members who on board as of the Note date and cashed in on any type of stock option (except Hancock and Carleone to a some degree- they were the only persons who made a buy on the open market) I would more than happy to sign on...sorry that some of them might not have anything to do with Note but the fact that they cashed in for a nice profit and failed to "put something back in appreciation of the opportunity to make some easy money" while the retail shareholder partially funded their gig...I do not have the smallest amount of sympathy if their lives are going to become hell now...I just don't...(my biggest desire is to see at least the 3 Amigo's who put their name on the Note paperwork and every quarterly statement since pay a price at a minimum)...imao...r
Also 8K
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
As previously reported in a Current Report on Form 8-K filed by Avid Bioservices, Inc. (the “Company”) with the Securities and Exchange Commission on March 6, 2024, on February 29, 2024, the Company received an acceleration notice from a holder of its 1.250% Exchangeable Senior Notes due 2026 (the “2026 Notes”). The acceleration notice stipulated, among other things, that (i) the Company did not remove the restrictive legend on the 2026 Notes by March 17, 2022 as required under the indenture governing the 2026 Notes (the “2026 Notes Indenture”), (ii) due to such failure, additional interest has accrued thereafter at a rate of 0.50% per annum (the “Additional Interest”), (iii) such Additional Interest had not been paid by the Company as of the date of the Acceleration Notice, which constituted an event of default under the 2026 Notes Indenture (the “Event of Default”), and (iv) such holder is the beneficial owner of at least 25% in aggregate principal amount of the outstanding 2026 Notes and therefore has the right to accelerate all of the 2026 Notes. As a result of the Event of Default, such holder declared 100% of the principal of, and accrued and unpaid interest on, the 2026 Notes to be due and payable immediately.
The Company did not receive any notices and was not otherwise made aware of the Event of Default prior to receipt of the Acceleration Notice, and did not have an opportunity to cure the Event of Default at the time of receipt of the Acceleration Notice.
In connection with the Event of Default, the Company undertook an evaluation as to whether certain of the financial statements included in the Company’s Quarterly Reports on Form 10-Q for the quarterly fiscal periods ended October 31, 2022, January 31, 2023, July 31, 2023 and October 31, 2023, and in its Annual Report on Form 10-K for the fiscal year ended April 30, 2023 (the “FY 2023 10-K” and collectively with the foregoing Form 10-Qs, the “Relevant Reports” and the periods covered by the Relevant Reports, the “Relevant Periods”) should no longer be relied upon as a result of:
• the classification of the 2026 Notes as long-term liabilities on the applicable balance sheets within the Relevant Reports following the Event of Default; and
• the failure to reflect the Additional Interest in such financial statements (which Additional Interest, in the aggregate, was approximately $1.4 million through February 29, 2024).
The Company’s management also evaluated the effectiveness of the Company’s disclosure controls and procedures and internal control over financial reporting and the impact of the foregoing on the Company’s available cash resources, in each case as of the end of the Relevant Periods.
On March 11, 2024, the Audit Committee of the Company’s Board of Directors (the “Audit Committee”) determined, based on management’s recommendation and after consultation with Ernst & Young LLP, the Company’s independent registered public accounting firm, that as a result of the classification of the 2026 Notes as long-term liabilities, the consolidated financial statements included in the Relevant Reports should no longer be relied upon.
As a result of the information described above, the Company’s management has concluded that the Company’s disclosure controls and procedures were not effective at the reasonable assurance level and the Company’s internal control over financial reporting was not effective as of the end of each of the periods covered by the Relevant Reports, and the “Management’s Report on Internal Control Over Financial Reporting” included under Part II, Item 9A of the FY 2023 10-K should be revised to reflect this updated determination.
In connection with the above, the Company has identified a material weakness in internal control over financial reporting related to this matter. The Company’s remediation plan will be described in more detail in an amendment to the FY 2023 10-K.
2
The Company currently plans to present restated financials for certain of the Relevant Periods in an amendment to the FY 2023 10-K and to restate impacted financials for the subsequent Relevant Periods as soon as reasonably practicable.
The Audit Committee has discussed the matters described in this Form 8-K with its independent registered accounting firm, Ernst & Young LLP.
Form NT-10Q filed.
PART IV — OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this notification
Daniel R. Hart (714) 508-6100
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). ? Yes ? No
(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? ? Yes ? No
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
Revenues for the third quarter of fiscal 2024 were $33.8 million, representing an 11% decrease as compared to revenues of $38.0 million recorded in the same prior year period and a 33% increase as compared to revenues of $25.4 million recorded in the second quarter of fiscal 2024. For the first nine months of fiscal 2024, revenues were $96.9 million, a decrease of approximately 11% compared to $109.5 million in the same prior year period. The decrease in revenues for the third quarter and nine months ended January 31, 2024 compared to the same prior year periods was primarily attributed to fewer manufacturing runs and a reduction in process development services from early-stage customers. Additionally, the first nine months revenues were also impacted by a reduction of revenue for changes in estimated variable consideration under a contract where uncertainties have been resolved.
Gross profit for the third quarter of fiscal 2024 was $2.4 million (7% gross margin), compared to $9.8 million (26% gross margin) in the third quarter of fiscal 2023 and a gross loss of $4.7 million (negative 18% gross margin) in the second quarter of fiscal 2024. Gross profit for the first nine months of fiscal 2024 was $1.8 million (2% gross margin), compared to a gross profit of $23.1 million (21% gross margin) for the same period during fiscal 2023. The decrease in gross margin for the three and nine months ended January 31, 2024 compared to the same prior year periods was primarily driven by fewer manufacturing runs, a reduction in process development services from early-stage customers, and an increase in our costs related to expansions of both the Company’s capacity and technical capabilities. Gross margins during the nine months ended January 31, 2024, were also impacted by a reduction of revenue for changes in estimated variable consideration under a contract where uncertainties have been resolved, a terminated project relating to the insolvency of one of the Company’s smaller customers, and a delay in the ability to recognize revenues of a customer product pending the implementation of a process change.
Selling, general and administrative (“SG&A”) expenses for the third quarter of fiscal 2024 were $6.4 million, a decrease of 10% compared to $7.1 million recorded for the third quarter of fiscal 2023 and a decrease of 3% compared to $6.6 million recorded for the second quarter of fiscal 2024. SG&A expenses for the first nine months of fiscal 2024 were $19.2 million, a decrease of approximately 6% compared to $20.3 million recorded in the same prior year period. The decrease in SG&A for both the three and nine months ended January 31, 2024 compared to the same prior year periods was primarily due to decreases in compensation and benefit related expenses, and consulting fees.
Operating loss for the third quarter of fiscal 2024 was $4.0 million, a decrease compared to operating income of $2.7 million recorded for the third quarter of fiscal 2023 and an increase compared to an operating loss of $11.2 million recorded for the second quarter of fiscal 2024. Operating loss for first nine months of fiscal 2024 was $17.4 million compared to operating income of $2.8 million for the first nine months of fiscal 2023. The decrease in operating income for the three and nine months ended January 31, 2024 compared to the same prior year periods was driven by a decrease in gross profit partially offset by reduced SG&A.
Well something better happen....performance stock options given to incompetent managers??? While they are restating the financials, they should restate and recall these ill gained options!
This is certainly a black eye!!!
Not only do we need to hear what happened but how they plan on getting things back on track and how they plan on supporting the falling share price!!!
No news on this issue, is bad news on this issue, and bad news results in pressure on the share price!
Signed Daniel Hart CFO Chief F*ckup Officer
On the subject of hammers...don't they have clawbacks for removing cockeyed nails and ill-deserved performance stock option awards?...r
I'm assuming this is the hammer being provided to the lawsuit outfits... https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/704562/000168316824001433/avid_8k.htm ...r
And if approvals do not happen? Less revenue, no profits, idle capacity, higher interest on debt, and lack of faith in management's ability to run the company. This is what leads to bankruptcy!
Don't think it can't happen! Although a buyout would probably happen first, but nowhere near $10!
Only sellers,no buyers....market giving BOD vote of
no confidence !! looks like CC will be skipped....our new plant
is in hybernation "til someone gets FDA approval to make product!
The miscue with the finances is a whopper....what a scenario !!!!
GLTA.
Oh we lost $17mil so far in FY 24 and we’re still going ahead with hiring 16 paid interns for the summer?
Ms VP people is burning our money
Us retail investors are on a “need to know basis “ and I guess we don’t need to know right now.
Check out what our leaders get in a “change of control” situation
$10 is a 40% premium now lol
My last word.... did you read the applicable portion of the Indenture? It is not as clear cut as you make it out to be. Again, AVID has said worst case is restatement of $1.5M interest. That is not a large amount of uncertainty, even IF AVID is "at fault".
FFTT
JBAIN
OK, my final comment here.....the problem with waiting, is that the longer there is some uncertainty with what the hell happened and what the hell is going on, and how this could have happened, the more the share price will suffer...who will buy a stock with a cloud of uncertainty hanging over it?
Investors want stability and confidence that management is on top of things!
Exactly...I find the whole thing very bizarre...that fact that Avid was not notified...the fact that no one from Avid managment checked out the terms and the acceleration clause(who negotiated this anyway that allowed for this clause without any kind of notification)?
How can it be that no one understood that this convertible loan could be called if this interest rate(1/2 point increase) change was administered promptly by the CFO/Financial team members?
Something does not make sense here, but in the end, it is all about filling up capacity and we need a progress report here very soon!
I agree management needs to provide details. Regarding financials, it is not only the change in rate, but the magnitude and when the changes start as it wasn't clear when the two different rate changes were supposed to take place since the holder did not notify AVID of the issue.
I understand, but restating financials should be relatively simple if it is just an interest rate correction. The "investigation" part of this is what intrigues me....is there a legal recourse here?
Regardless, management coud provide a little more clarity on this along with some kind of explanation as to how things went wrong and when they would be in a position to release the restated financials, set a date for the late CC, and hopefully fill in some of the blanks!? Plus, lets not forget about the many class action investigations going on....no lawsuit yet, but is one or more coming?
I don't know how much longer I can hold my breath!
This post raises questions whether Eastern CapitalKen Dart is now/will be collaborating with Sarissa/Alex Denner in raising share price of CDMO to higher/former level above $6.50.
Pretty sure they told us what happened - see post 345496
Pretty hard to have a CC and state financials until you know how much in interest you owe for the past! Thankfully, worst case, it is not a big hit on past financials.
FFTT
JBAIN
Yes, not sure how long I can hold my breath waiting to hear something from Nick, but it is an Avid mandate to have 4 quarterly CC's when the financials are released. Quarterly CC's are pretty much the norm for publicly traded companies, so not sure if they can just ignore this mandate because of their convertible slip up(or perhaps f--- up is more appropriate)?
I believe this is a pretty critical event that requires some kind of explanation along with some kind of assurance that this was an oversight by all of top managment and their legal department, and steps have been taken so this kind of thing does not happen again! As shareholders we have clearly been damaged financially as has the credibility of Avid. Last I counted there were 7 independent class action legal investigations ongoing....now none of these may turn out to be class action lawsuits, but still an area of concern.
Were we(Avid) set up here by the original lenders of this convertible? Management did manage to negotiate a new convertible loan fairly quickly, albeit with a much higher interest rate....but still, that was a very smart and quick move so management did show some resilience! But I am certain there is information that we as common shareholders are still not privy to, and I believe we do have a right to know!
If there is a legal entity which negotiated this and was to administer the terms of this convertible financing, perhaps there is legal recourse(yes I know I am reaching) here?
In any event, the lack of setting a date for our quarterly CC has to be addressed....it cannot be ignored, so I as I have indicated earlier...very, very curious what might come out and how Nick is going to spin this, or if he is even going to spin it at all.
He may just say....heh we screwed this thing up, sorry, but this does not fundamentally change the outlook for Avid going forward and.....yada yada yada!!!
If i'm reading this correctly OncXena's 2nd round of funding came from a venture fund Panacea Ventures in 2019 https://tracxn.com/d/companies/oncxerna/__kViAPtM8iAtZ6MvQALAA7HKvabipF79gRwoUzeR6ACA/funding-and-investors well they are out of the Cayman Islands ...close proximity to Mr Dart... https://www.sec.gov/Archives/edgar/data/1730485/000173048518000001/xslFormDX01/primary_doc.xml and OncXena is incorporated in the Caymans https://www.sec.gov/Archives/edgar/data/1914838/000156761922006334/xslFormDX01/primary_doc.xml ...r
Don’t hold your breath
That and $10 buys you a coffee at Starbucks??? Actually, the coffee is worth more than these kinds of articles which are not based on any kind of research, but just compared against a basic algorithm....I doubt if Yahoo even uses any kind of algorithm.
We really need to hear from Nick to find out exactly what happened and how and if it impacts Avid going forward. I care less about profits right now and am more concerned with positive cash flow.
It still is all about filling up capacity, and perhaps Nick could provide some kind of "projected" timeline?!
But first things first...what the hell happened, who is to blame, is there legal recourse, and how does this impact Avid going forward.
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Moderators Preciouslife1 4OurRetirement |
Avid Bioservices, Inc. (Nasdaq “CDMO”), Tustin CA. http://www.avidbio.com
President/CEO: Nicholas Green (eff. 7-30-20 https://tinyurl.com/yczapcc7 )
Four Avid Fact Sheets a/o 2-2020: https://avidbio.com/resources/fact-sheets/
Avid Bioservices is a CDMO committed to improving the lives of patients by manufacturing products derived from mammalian cell culture for the biotechnology & biopharmaceutical industries. Services include cGMP clinical & commercial product manufacturing, purification, bulk packaging, stability testing & regulatory strategy, submission, and support. The company also provides a variety of process development activities, including cell line development & optimization, cell culture & feed optimization, analytical methods development, and product characterization.
12-2019/Video: Tour of Myford Facility (2mins.): https://vimeo.com/380135562
7-2020: AVID’s Push Towards cv19 (I don’t capitalize things I hate) contracts: https://tinyurl.com/y8wzgneh
UPCOMING EVENTS: https://avidbio.com/events/
Sep1(Tue): Q1/FY21 (qe 7-31-20) Financials & Conf. Call - Transcript: https://tinyurl.com/y329llow
Sep17/Fireside Chat w/Nick Green: 18th Annual Morgan Stanley Global Healthcare Conf.: https://tinyurl.com/y4cbjjrc
Sep21-24/Virtual: Biotech Week Conf., Boston
Sep21-24/Virtual: BioProcess Intl. US Wes Conf., Santa Clara CA
...Time TBD: Presentation by Haiou Yang, PhD "Facility-Fit Driven Dev. for a mAb Production Process"
Oct20 10amPT/VIRTUAL: Annual Shareholders Mtg. https://tinyurl.com/y28blkjn 14A Proxy: https://tinyurl.com/y46ga9el
...ASM Replay (9:45): https://www.virtualshareholdermeeting.com/CDMO2020 (Control# not needed)
Apr20-22 2021/Booth#1159: INTERPHEX, NYC
Dec2(Wed) after mkt: Q2/FY21 (qe 10-31-20) Financials & Conf. Call - Transcript: https://tinyurl.com/y66xk888
Dec14-17: Antibody Engineering & Therapeutics Conf., San Diego
Quotes: Yahoo: Yahoo.com/CDMO Nasdaq: http://www.nasdaq.com/symbol/cdmo RT: http://www.nasdaq.com/symbol/cdmo/real-time
• IR: Stephanie Diaz (Investors) Vida Strategic Partners 415-675-7401 sdiaz@vidasp.com, Tim Brons (Media) 415-675-7402 tbrons@vidasp.com
SEC:
Latest 10Q 10-31-20 iss. 12-2-20 https://tinyurl.com/y3ournzr (Cash 10-31-20=$35.7mm)
Latest 10K 4-30-20 iss. 6-30-20 https://tinyurl.com/yak25nco (Cash 4-30-20=$36.3mm)
Latest DEF14A/Proxy iss. 8-27-20 (re: 10-20-20 ASM): https://tinyurl.com/y46ga9el
ALL SEC filings for CDMO: https://tinyurl.com/yc4zjyzv
CDMO's Corp. Bylaws (a/o 11-14-14): http://tinyurl.com/y8hsppea
Poison Pill adopted 3-16-06 for 10yrs: http://tinyurl.com/yvypvh 44-pg SEC filing: http://tinyurl.com/5m57ut BUNGLER explains in plain language: http://tinyurl.com/mft4nd6
...3-17-16 Poison Pill extended until 3-16-2021 https://tinyurl.com/y74glo2n (Form8A Amendment #1)
...Poison Pill TERMINATED eff. 9-23-2019 https://tinyurl.com/y2mzx3xo
SHARES:
Shares O/S as of 11-23-20=56,726,334 - history since 4-2006: https://tinyurl.com/y66xk888 (at bottom)
...A/O 10-31-20: 3,451,000 stock options outstanding at a wgt.avg. exercise price of $6.41 (pg.16 10Q).
...MarketWatch.com for CDMO (shows Float): https://www.marketwatch.com/investing/stock/cdmo
1-12-18: S-3 Shelf Registration filed for up to $125mm https://tinyurl.com/y9qtewpw
...12-14-20: Avid raises ~$34M gross, selling 3,833,335@9.00/sh. (underwriter: RBC Capital) https://tinyurl.com/y92yr9g4
...2-20-18: Avid Raises ~$21.8M net, selling 10,294,445@$2.25 (underwriter: Wells Fargo) 8-K: https://tinyurl.com/ya3nenth 424B5: https://tinyurl.com/ycpshgxl
Total INST.+LARGE Holdings now 41,617,965 73.5% a/o 9-30-20 https://tinyurl.com/y652nxpr
13 LARGEST SHAREHOLDERS a/o 9-30-20:
1. Eastern Capital (Kenneth Dart): 4,300,992 7.6% (a/o 8-21-19 14A/Proxy: https://tinyurl.com/y9c972fa – orig. 13G filed 11-2015)
2. Tappan Street (Prasad Phatak): 4,285,000 7.6% (a/o 12-31-19 13G: https://tinyurl.com/wlcwnnv )
3. Blackrock Inc. (Larry Fink): 3,834,816 6.8% (-111,172 a/o 9-30-20 Nasdaq Inst.)
4. IsZo Capital Mgt. (Brian Sheehy): 3,459,888 6.1% (-88,144 a/o 9-30-20 Nasdaq Inst.)
5. Millennium Mgt. 2,678,984 4.7% (+633,918 a/o 9-30-20 Nasdaq Inst.)
6. Vanguard Group 2,659,738 4.7% (-19,553 q/e 9-30-20 Nasdaq Inst.)
7. Snyder Capital 2,302,621 4.1% (-2,258 a/o 9-30-20 Nasdaq Inst.)
8. Altravue Capital 1,973,349 3.5% (+39,534 a/o 9-30-20 Nasdaq Inst.)
9. Wellington Mgt. 1,503,162 2.7% (+236,947 a/o 9-30-20 Nasdaq Inst.)
10. Sargent Invest. Grp. 1,052,099 1.9% (-11,000 a/o 9-30-20 Nasdaq Inst.)
11. State Street 992,280 1.8% (-65,922 a/o 9-30-20 Nasdaq Inst.)
12. Portolan Capital 963,374 1.7% (+528,662 a/o 9-30-20 Nasdaq Inst.)
13. Silvercrest Asset Mgt. 878,805 1.6% (-16,746 a/o 9-30-20 Nasdaq Inst.)
Inst. Holdings (Nasdaq) - updated 45-days after each qtr-end: http://www.nasdaq.com/symbol/cdmo/institutional-holdings
INSIDER-Trans: https://tinyurl.com/ycpw4j9z (formerly PPHM thru 2017: http://tinyurl.com/ypkow8 )
Short Interest, updated twice a month: https://www.nasdaq.com/symbol/cdmo/short-interest
A-T-M (At-The-Market) Sales 3/2009 - 7/14/17 ($272,500,000gr./34,869,747sh=$7.81/sh): http://tinyurl.com/yagmu2on
PPHM shares were 1:7 Reverse Split eff. 7-10-17 (315mm/$.606=>45mm/$4.24) http://tinyurl.com/yymtzcm9
PPHM shares were 1:5 Reverse Split eff. 10-19-09 (~237mm/$.64=>~47.4mm/$3.20) http://tinyurl.com/ykuw588
Potential Value: 9-19-2017: Catalent acquires CDMO Cook Pharmica for $950M ($179Msales x 5.3; EV/EBITDA=17.3) http://tinyurl.com/yd46m8py
AVID TEAM: https://avidbio.com/leadership/ - Open Jobs: https://avidbio.applicantpro.com/jobs
7-30-20: Nicholas Green (ex-Therapure Biopharma) becomes President/CEO of Avid - 6-25-20 PR: https://tinyurl.com/yczapcc7
4-13-20: Avid Hires 2 Senior Directors of Bus. Dev: Jason C. Brady & Sylvia Hinds https://tinyurl.com/sq2679g
1-8-20: Avid Appoints Timothy Compton as Chief Commercial Officer (repl. Tracy Kinjerski) https://tinyurl.com/ydww58sn
7-26-19: Catherine Mackey, PhD (ex Pfizer VP) joins Avid's BOD, replacing Joel McComb https://tinyurl.com/y3xhqmvm
5-8-19: Richard (Rick) B. Hancock named Interim President/CEO; Roger Lias resigns https://tinyurl.com/y4pqdwyc
7-16-18: Daniel Hart (ex-ENO Holdings) joins Avid as CFO https://tinyurl.com/ychz45p2
7-16-18: Michael Faughnan (ex-Lonza/WuXi Biologics) joins Avid as Sr.Dir./BusDev/WestC https://tinyurl.com/yaozdggz (Left 5-2019)
5-29-18: Sandra C. Carbonneau (ex-Lonza) joins Avid as Dir./BusDev./EastCoast https://tinyurl.com/ybvrwn2l (left 12-2019)
5-8-18: Magnus Schroeder (ex-AGC Biologics) joins Avid as VP/Process Sciences https://tinyurl.com/y7tpswaw
2-23-18: CFO Paul Lytle voluntarily resigns eff. 5-24-18 (2-23-18 +90days), "CFO search underway" https://tinyurl.com/ybnjzbv6
9-11-17: Roger J. Lias (ex-Allergan) to become Avid’s CEO and join PPHM’s BOD eff. 9-25-17 https://tinyurl.com/yddufw4s (left 5-8-19)
11-29-17: Tracy L. Kinjerski joins Avid as VP/Bus.Operations https://tinyurl.com/yc4zenkc (Left 1-8-2020)
Profiles of all 7 BOD members: http://ir.avidbio.com/corporate-governance/board-of-directors
...Joseph Carleone/Chair, Nicholas Green(CEO), Richard Hancock, Gregory Sargen, Mark Bamforth, Patrick Walsh, Catherine Mackey
10-24-17: Peregrine Adds Patrick D. Walsh to BOD, "An Industry Veteran with 30+yrs Experience Leading Successful CDMO Org’s” http://tinyurl.com/y3jo2rv7
10-19-17: Peregrine Adds Mark R. Bamforth to BOD, "10yrs/Genzyme; 30yrs of biologics leadership experience, incl. founding 2 CDMOs" http://tinyurl.com/y6ydcaof
ANALYST COVERAGE: http://ir.avidbio.com/analyst-coverage
Also see: https://www.marketbeat.com/stocks/NASDAQ/CDMO/price-target
Janney Montgomery Scott - Paul Knight PT=$10
H.C. Wainwright & Co. - Joseph Pantginis PT=$9
Craig-Hallum Capital Group - Matt G. Hewitt PT=$10
First Analysis Securities - Joseph Munda PT=$7.50
Stephens Inc. - Jacob Johnson PT=11 (10=>11 9-2-20)
FINANCIALS & BUSINESS DEV.:
2-3-21: Avid to Mfg. CV19 Therapeutic Lenzilumab for Humanigen https://tinyurl.com/1hzzksxa
8-26-20: Mapp Biopharmaceutical signs w/Avid for ClinDev of Antiviral Antibody (MBP091) https://tinyurl.com/yxwvr949 BARDA #HHSO100201900018C($16.5M+Opt/$30M), see: https://tinyurl.com/yye8t5nx
8-20-20: Oragenics signs Dev/Mfg Agreement with Avid for COVID-19 Vaccine “TerraCoV2” https://tinyurl.com/yxqg3w4v
8-6-20: Iovance Biotherapeutics signs w/Avid(+Aragen) to Dev+Mfg. IOV-3001 (IL-2 Analog) https://tinyurl.com/y2lgzh6x
7-28-20: Avid Teams with Argonaut to add “Parenteral Fill-Finish Services” https://tinyurl.com/y2lgzh6x
5-6-20: Avid Teams with Aragen to speed up drug dev./delivery timelines https://tinyurl.com/ycuu2m5r
4-23-20: Avid receives $4.4M PPP/CV19 Loan (can apply for forgiveness) 8K: https://tinyurl.com/yaltupxa
...5-12-20: Avid Pays Back $4.4M PPP/CV19 Loan (“New SBA Guidance/abundance of caution”) 8K: https://tinyurl.com/y993tkk6
3-10-20: CDMO's Revs & Burns By Qtr Table, FY07/Q1 thru FY20/Q3 (q/e 1-31-20): https://tinyurl.com/s9cmzmf
......Avid FY20 (fye 4-30-20) revenues guidance: $55-59M; committed backlog=$58mm at 1-31-2020.
7-8-19: Avid Signs New Top10 Global Pharma and Expands Existing Cust. Relationship https://tinyurl.com/yyq8zgb9
6-27-19: "The 5 new clients signed in late FY2018 contributed significantly to revenue diversification in FY2019." SEE CUST SPLITS for FY19: http://tinyurl.com/y5j4dlsv
4-24-18: ”In recent weeks, Avid has signed new agreements with 3 addl. undisclosed intl. drug dev. companies (that’s 4 thus far in CY2018)” https://tinyurl.com/y89whc8d
3-1-18: Acumen Pharm. selects Avid for Process Dev. & Mfg. of ACU193 (Alzheimer’s) https://tinyurl.com/y8jvwleq http://www.acumenpharm.com
2-21-18: Enzyvant selects Avid to commercially mfg. RVT-801 (Farber disease) https://tinyurl.com/yd5xhcx8 http://www.enzyvant.com
2-12-18: Peregrine’s Legacy PS-Targeting IP Sold to ONCOLOGIE INC. (Boston, CEO: Laura E. Benjamin) for $8M/upfront, $95M/milestones https://tinyurl.com/yam8gb3h
...NOTE: 2-13-18: Oncologie Licenses Mologen’s immunotherapeutic ‘lefitolimod’ (TLR9 agonist) https://tinyurl.com/y9z54f4x “ONCOLOGIE is backed by top-tier intl. investors and has the objective to dev. novel personalized medicines in the field of immuno-oncology."
2-28-17: Avid & Cook (acq. by Catalent 12-2017 for $950M; $179Msales x 5.3; EV/EBITDA=17.3) remain Halozyme's 2 CMO's (“working to scale-up/validate/qualify Avid II/Myford for Roche collab.”): http://tinyurl.com/h75teta
FACILITIES: https://avidbio.com/facilities/
10-8-19: Avid Announces Completion of Expansion of Process Dev. Capabilities & Labs https://tinyurl.com/y3hfwst9
...will “significantly accelerate Avid’s ability to drive efficient & rapid on-boarding of new cust. pgms progressing to mfg.”
4-24-18: Avid adding Process Dev. Labs, upgrading capabilities (in phases; total will be >6000sq; 1st one ready Q3CY18/Jul-Sep'18) https://tinyurl.com/y89whc8d
5-2017: Avid II (Myford) adds 2 MilliporeSigma Mobius 2,000L single-use bioreactors; total mfg. capacity now ">11,000L". http://tinyurl.com/ky7bmu4
5-10-17: Halozyme comments on Avid II(Myford) expansion in their 3-31-17/10Q pub. 5-9-17: http://tinyurl.com/mrl34uk
..."validation of the new facility is scheduled to end in Q2/2017… Once this new facility is approved, it will become the primary source for Roche of bulk rHuPH20.”
6-2-16: Corp.Update – Avid Expansion & Drug Development - http://tinyurl.com/zvmhqmr
3-7-16/Avid II: Formal Commissioning of Avid's New 40,000sq "Myford" Facility, “single-use/fully disposable” (potentially $40M addl revs) http://tinyurl.com/y5jmfpo3
12-10-15/Avid II: Avid Expansion into MYFORD Facility now GMP-run ready (potential +$40mm sales) - contemplating further expansion http://tinyurl.com/y539yut4
12-10-14: Avid to Double Mfg. Capacity(“Myford Expansion”) http://tinyurl.com/y2sqoy2u & http://tinyurl.com/kmdgq8t
PRESENTATIONS & ARTICLES: https://avidbio.com/events/
Sep17/Fireside Chat w/Nick Green: 18th Annual Morgan Stanley Global Healthcare Conf.: https://tinyurl.com/y4cbjjrc
5-18-20: Avid Listed In Top CMO Awards Article https://tinyurl.com/yb5cnh6m
...”Avid received 5 CMO Leadership Awards categories, incl. 2 Champion designations: Expertise & Service.”
10-25-18/BioPharma: Roger Lias Interview, “Avid expansion to Triple Process Dev. Capacity” https://tinyurl.com/ybtuk29m
Sept2018/BioTechWEEK: Tracy Kinjerski (VP/BusOP) interview: Avid’s differentiators (6mins.) https://www.youtube.com/watch?v=x3tzo4pZivk
1-29-18: NobleCon14 - 14th Annual Inv. Conf., Ft.Laud. => Roger Lias' webcast/slideshow https://tinyurl.com/yanwk9yo
11-15-17/Outsourcing-Pharma: “How This R&D Company (Peregrine) is Transitioning to a Pure-Play CDMO: ‘Opportunities Are Almost Endless’" - Recap of interviews with Steve King & Avid Pres. Roger Lias http://tinyurl.com/y7dv9faz
CONFERENCE CALLS & ASM's:
12-2-20: Qtly. Conf. Call (Green/Hart/Compton) PR & Transcript https://tinyurl.com/y66xk888
10-20-20 Annual Shareholders Meeting - Replay (9:45): https://www.virtualshareholdermeeting.com/CDMO2020 (Control# not needed)
9-1-20: Qtly. Conf. Call (Green/Hart/Compton) PR & Transcript https://tinyurl.com/y329llow
...CEO N.Green: ”My first few weeks have done nothing but confirm my view that I believe Avid to be a strong and state-of-the-art company with significant opportunity for growth."
6-30-20: Qtly. Conf. Call (Hancock/Hart/Compton) PR & Transcript https://tinyurl.com/y9zbgmos
...RickH: "Based on our customers' growing demand and our expanding business development activity, we believe that we will significantly increase capacity utilization in 2021 and beyond. Accordingly, we have entered into a new phase of planning for the expansion that will support our growing business in the years to come.”
...”Top10 Pharma customer added 7-2019 named in 10-K: GILEAD SCIENCES.”
3-10-20: Qtly. Conf. Call (Hancock/Hart/Compton) PR & Transcript https://tinyurl.com/s9cmzmf
12-9-19: Qtly. Conf. Call (Hancock/Hart/Kinjerski) PR & Transcript https://tinyurl.com/tfewuzc
9-5-19: Qtly. Conf. Call (Hancock/Hart/Kinjerski) PR & Transcript https://tinyurl.com/y6t8zfur
6-27-19: Qtly. Conf. Call (Hancock/Hart/Kinjerski) PR & Transcript https://tinyurl.com/y6zdjyu2
...Rick Hancock, "Most importantly, during Q4, the Company achieved positive income, generating cash from dev. & mfg. operations for the 1st time since the beginning of the CDMO transition (Jan'18)."
3-11-19: Qtly. Conf. Call (Lias/Hart) PR & Transcript http://tinyurl.com/yy6dvjvc
12-3-18: Qtly. Conf. Call (Lias/Hart//Kinjerski) PR & Transcript https://tinyurl.com/y9n374kp
10-4-18: ASM/2018 (@Myford Facility) - Roger Lias’ Slideshow & Attendee Report https://tinyurl.com/yctfzhlb
9-10-18: Qtly. Conf. Call (Lias/Hart) PR & Transcript https://tinyurl.com/y8oc6hx8
...Roger Lias, "During the qtr, we advanced the projects of our existing active clients and continue to engage with numerous potential new customers."
7-16-18: Qtly. Conf. Call (Lias/Kinjerski) PR & Transcript https://tinyurl.com/yaozdggz
...Roger Lias, “In a short period, we’ve established a targeted business dev. operation that is actively providing visibility for Avid Bioservices within our fast growing but competitive marketplace.”
3-12-18: Qtly. Conf. Call (Lias/Kinjerski/Lytle) PR & Transcript https://tinyurl.com/yakdl4wj
...Roger Lias, ”I'm pleased to be able to report that in a very short period of time we've generated significant interest from both emerging & growth biopharmaceutical players and from pharmaceutical multinationals. I'm confident that the plan we're executing will drive a considerable increase in backlog and the opportunity to further enhance capacity utilization in the future.”
......From the 3-12-18 PR: “At present, we are in late-stage negotiations with several potential new customers and expect to announce the executed agreements before the end of the FY[4-30-18].”
1-18-18: ASM/2017 (@Myford Facility) - Roger Lias’ Slideshow & Attendee Reports https://tinyurl.com/yca6enbr 12-7-17 PROXY/14A: https://tinyurl.com/y7qprpg9
12-11-17: Qtly. Conf. Call (Lias/Lytle) Transcript https://tinyurl.com/ybycb2s6
...Roger Lias, "the company is undergoing a broad-scale transformation, the goals of which are to shift complete focus to the Avid Bioservices CDMO business and the complete divestiture of all of Peregrine's legacy R&D assets, which include bavituximab."
9-11-17: Qtly. Conf. Call (King/Lias/Lytle) Transcript http://tinyurl.com/y9y8qdac
...Steve King: “For this reason, we have concluded that in order to best position Peregrine’s R&D assets for successful development, they should be advanced by a partner with the appropriate expertise and ample resources to invest in the necessary clinical trials. To that end, we have been working diligently towards the transformation of the overall business to becoming a pure-play CDMO, while assessing the best strategic options for the R&D assets that would allow stockholders to directly see the future value from their continued developments. By partnering & eliminating future R&D expenditures, we believe we are best positioning Avid for future growth. Through reinvestment & expansion, we believe we will attract new customers and extend current contracts that will help position Avid as a leading U.S. CDMO. We are moving forward expeditiously with strategic discussions as we recognize the need to move quickly both from the R&D & CDMO standpoints. We hope to bring this process to completion over the coming months and will update you on our progress.”
7-14-17: Qtly. Conf. Call (King/Shan/Lytle) Transcript http://tinyurl.com/yb4wulvu
...Steve King: “We are seriously considering the possibility of separating our 2 distinct businesses, Avid and R&D/PS-Targeting.”
3-13-17: Qtly. Conf. Call (King/Shan/Worsley/Lytle) Transcript http://tinyurl.com/grhwjvy
...Steve King: “We believe the recent improvement of stock price is a growing recognition of the value of Avid, and having the full value of the Avid business reflected in our stock price is a top priority.”
12-12-16: Qtly. Conf. Call (King/Shan/Hutchins/Lytle) Transcript http://tinyurl.com/hhn4gga
...Steve King: “Our goal is to bring the overall company to profitability within the next 18mos. We believe just the value of Avid Bioservices is far greater than our current market cap and is only growing in value."
10-13-16 ASM/2016: ATTENDEE Reports & Link to CEO Steve King's 35min/45slide webcast: http://tinyurl.com/jx7ouay
Feb. 2018: Peregrine Pharmaceuticals completed its Mid’17-Early’18 Transition to a Pure-Play CDMO
(Contract Development & Manufacturing Organization), Avid Bioservices, Inc. - CEO: Roger Lias.
**FULL PPHM=>CDMO Transition History (Ronin/SWIM): https://tinyurl.com/ybqvzwhg
1-8-17: Peregrine chgs. name to “Avid Bioservices, Inc.”; new ticker: “CDMO” (+CDMOP) https://tinyurl.com/y8vhjow4
2-12-18: Peregrine’s Legacy PS-Targeting IP Sold to ONCOLOGIE INC. (Boston, CEO: Laura E. Benjamin) for $8M/upfront, $95M/milestones https://tinyurl.com/yam8gb3h
...12-13-18/8-K: Overview of Oncologie sale: https://tinyurl.com/yab9c6cr
NOTE: “PS-targeting Exosome tech. not included; back to UTSW", see: https://tinyurl.com/yakdl4wj
Click here for an ARCHIVE of the History of Peregrine’s Anti-PS/Bavituximab Platform - MOA, Trials, and Activity over the years, from early 2000’s thru 2017, prior to being Sold to ONCOLOGIE:
https://tinyurl.com/y8pq4rhc
Of Interest (post Oncologie Sale):
Oncologie's website: https://oncologie.com/true-home-v2/ NEWS: https://oncologie.com/newsroom/
4-20-18/AACR’18: MSKCC(LudwigCC) Tweets about 2 WolchokLAB/”PPHM” Anti-PS Posters https://tinyurl.com/ycgjhvqa
4-26-18: New Bavi+Keytruda/LIVER Ph2 IST Trial, Sponsor=UTSW, Collab=MERCK https://tinyurl.com/y7fd9vdb
6-7-18: Oncologie Obtains $16.5M Seed Funding Led by Pivotal bioVenture Partners China Fund https://tinyurl.com/ybrrbgg7
6-7-18/BioCentury: Laura Benjamin states, “Oncologie plans to begin a trial mid-summer '18 evaluating Bavi to treat HCC and a P-O-C trial in Gastric cancer in 1Q19/2Q19.” https://tinyurl.com/ycb8r7sm
12-3-18: During q/e 10-31-18, Avid sold remaining legacy R&D asset, r84(anti-VEGF), to Oncologie for $1.0M upfront. Avid is eligible to receive up to an addl. $21M in dev/reg./comm. milestones, and low to mid-single digit royalties on net sales upon commercialization of products utilizing r84 https://tinyurl.com/y9n374kp
11-4-19/PharmaBoardroom: Interview with Oncologie CEO Laura Benjamin discussing the 2 ongoing Bavi Trials w/Keytruda (USA UK Taiwan S.Korea) https://tinyurl.com/ydf6zhsv
...Dr. Benjamin, "We have high expectations of bavituximab and have obtained the global rights for this compound."
...Ongoing Trial #1 (N=80): Open Label, Bavi+Keytruda Adv. Gastric/GEJ Cancer https://clinicaltrials.gov/ct2/show/NCT04099641
......1-17-2020 ASCO/GI Poster: https://oncologie.com/wp-content/uploads/2020/01/2020-01-17-ASGO-GI-poster-final-draft.pdf
...Ongoing Trial #2 (N=34 UTSW): Open Label, Bavi+Keytruda Adv. Hepatocellular Carcinoma https://clinicaltrials.gov/ct2/show/NCT03519997
6-11-20/Fiercebiotech: Oncologie Reels In $80M To Push Clinical Pgms/Build Pipeline https://tinyurl.com/yany8f34 & https://tinyurl.com/y8p9artk
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