As far as I am concerned I estimate cash on hand was ca $25M at the end of Q3 2016. I also think cash burn will increase from now on considering we have now two ongoing ph2 trials, plus one just added and we will have another one starting in 6 months.
All in all I think they will need to do a partnership or a capital raise within mid-next year. I would prefer a partnership as in that case the true value could emerge and we could avoid further dilution, which at these stock prices (I suspect prices will stay low as there will not be any trials results until 2018) it would be a suicide to try and raise capital from the stock market or even institutions. We need a BIG pharma, interested in NASH Cirrhosis/Fibrosis market(and I bet there are many), which could absorb most of the development costs, maybe even speed up time to market and get the maximum leverage for a wide commercializaion eventually
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