Biotech Values

[DewDiligence]

ADXS—Cash on hand…April 30, 2017: $115,324,278.

By my calculation, ADXS had a pro forma cash balance of $105.3M at 4/30/17 (the end of FY2Q17). To get this figure, I added current assets and deducted current liabilities, excluding the “deferred expenses” and “deferred revenue” lines (because those items are accounting artifacts relating to amortization of receipts and expenditures for the AMGN partnership).

The $105.3M figure above is $20.6M less than the (identically calculated) balance on 1/31/17, so ADXS’s cash burn is pretty high relative to its liquidity. Unless there is a new source of capital, a financing transaction in the next few months seems pretty likely.