Wednesday, August 09, 2017 2:37:53 AM
It made me laugh when the CFO proudly said
"Yes, so we see this as kind of the beauty of our business model with the two pillar strategy. So the cash flow is coming in from the ENHANZE business. There is really two uses, two immediate uses. One is, we are funding our PEGPH20 program with that cash inflow and the second is, just a reminder that we are starting to pay down our royalty backed debt with 50% of the royalties that we receive in 2017 and then that will go to a 100% in 2018 and of course that’s subject to quarterly Cap"
The business model originally was that the royalty income would pay for all the in-house develop projects like PEG. Just to remind everyone the R&D expenditure in Q2 2017 was $38.3m. So the two pillar strategy is failing badly. But to bring it up as a wonderful achievement is a joke. It can barely fund a third of the R&D and therefore zero of the royalty loan debt.
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