Momenta Pharmaceuticals, Inc. (MNTA)

[DewDiligence]

MNTA had 81.1M diluted shares for valuation purposes as of 5/3/17.

This 81.1M consists of: 73.1M basic shares on the 3/31/17 balance sheet (https://www.sec.gov/Archives/edgar/data/1235010/000123501017000012/mnta1q201710-q.htm#s5879ED69BA6459F1A121EC5308C63CE0 ); 5.4M options and unvested restricted stock at 3/31/17 (ibid, page 10); and 3.6M shares sold via the ATM facility between 4/1/17 and 5/3/17 (ibid, page 22).

The 81.1M figure as of 5/3/17 is an increase of 2.8M from my previous calculation in Mar 2017 (#msg-129440856).

Note: I use the non-treasury method of calculating diluted shares—i.e., I do not reduce the share count by the cash obtained by the company from future option exercises. The straightforward method of counting all options without adjustment does not require knowledge of the exercises prices and expiration dates of individual options and yet it is sufficiently accurate, IMO, for estimating the number of shares that would need to be cashed out in a buyout at a typical premium.