AEterna Zentaris Inc. (AEZS)

[OhManIDied]

AEZS: trading below it's free-cash-per-share level.

Simple calculation:
$38M at last Q
-$3M paid to series B holders to exercise quickly
-~7M operating costs for Q4
=$28M in cash at the end of the year

This financing adds $15M and an additional ~$16.8M if warrants are converted.
Total free cash at fully diluted OS = ~$60M
Fully diluted share count = 7M+3M+2.4M = 12.4M
Free cash per fully diluted share at the end of the year = $4.84/share

Based on this the pipeline is currently valued negatively, a ridiculous case which will correct.

The chart as of today looks like it is set up to get up.
http://stockcharts.com/h-sc/ui?s=AEZS&p=D&b=5&g=0&id=p05246331572

I'm ready to ride after adding recently. She tends to have strong legs.

AEZS