Biotech Values

[DewDiligence]

ADXS pro forma cash @7/31/17 = $83.4M:

https://www.sec.gov/Archives/edgar/data/1100397/000149315217010463/form10q.htm#a_003

To get the above figure, I took current assets less current liabilities, excluding the “deferred expenses” and “deferred revenue” lines (because those items are accounting artifacts relating to amortization of receipts and expenditures of the AMGN partnership for ADXS-NEO).

The identically calculated figure at the end of the prior quarter was $105.3M (#msg-132074180), implying an effective cash burn of $21.9M during FY3Q17. Thus, at the recent rate of cash burn, ADXS has 3-4 quarters of operating cash (assuming no financing transactions).

Note: There are unlikely to be any material near-term milestone payments from AMGN insofar as the start of the phase-1 NEO trial has been pushed back to 1H18 (#msg-zzz).