Momenta Pharmaceuticals, Inc. (MNTA)

[DewDiligence]

MNTA diluted share count for valuation purposes (66.4M):

There were 57.5M basic shares outstanding at 3/31/15, and MNTA disclosed on the 1Q15 CC that 1.0M shares had been sold from the old $75M ATM during Apr 2014, making 58.5M basic shares outstanding today.

The SEC filing for the new $75M ATM (http://www.sec.gov/Archives/edgar/data/1235010/000110465915029052/a15-9306_1424b5.htm ) shows 7.9M options outstanding at an average exercise price of $14.25. Including all of these options raises the diluted share count to 66.4M. (This figure excludes shares to be sold under the new $75M ATM as well as 2.2M shares earmarked—but not yet granted—for incentive plans.)

Note: I do not use the “treasury method” of calculating the diluted share count (which reduces the share count according to the price at which options are exercisable) because the straightforward method of counting all options without adjustment gives a more realistic view of the number of shares that would need to be cashed out in a buyout at a typical premium.