Momenta Pharmaceuticals, Inc. (MNTA)

[DewDiligence]

MNTA continues to have very strong liquidity:

https://www.sec.gov/Archives/edgar/data/1235010/000123501016000028/mnta3q201610-q.htm#s97505CFB699651BFA30A0EB166408A95

The 9/30/16 pro forma cash balance was $375.3M; this consists of: $309.0M of unrestricted cash and marketable securities; $45.8M of 9/30/16 collaboration receivables from MYL relating to the companies’ FoB partnership; a separate $25M milestone payment from MYL (earned by MNTA in Oct 2016 for the start of the phase-1 trial for Orencia FoB); $21.8M of restricted cash (mostly related to the Lovenox patent case); less $26.3M in accounts payable and deferred expenses.

For 4Q16, MNTA’s cash-usage guidance—excluding Glatopa profit-sharing revenue from NVS but taking into account R&D reimbursement from MYL—is $40-45M, which implies that MNTA will end 2016 with a pro forma cash balance of $330-335M.