Avid Bioservices Inc (CDMO)

[realist1]

OMG what a disaster. Here's the lowlights:

Contract manufacturing revenue from Avid's clinical and commercial biomanufacturing services was $12.8 million.

Cost of contract manufacturing increased to $16.2 million

(NEGATIVE gross profit)

selling, general and administrative expenses decreased to $3.9 million

Peregrine's consolidated net loss attributable to common stockholders was $14.1 million

$27.7 million in cash and cash equivalents as of October 31, 2017, compared to $46.8 million at fiscal year ended April 30, 2017.

*****the Company plans to raise additional capital within the next six months.

Maybe they'll keep Lytle around to get the WORST financing terms available?????

Backlog ONLY $33 million?!?!?!?!?
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Even after the end of Bavi, they still incinerate cash at a nightmare pace.

The DILUTION TRAIN continues!

Wow, I admit I couldn't have predicted this no matter how pessimistic my projections were!

BTW, when they say the company is now AVID, it's truer than that.
Expect ZERO cash for Bavi upfront - ZERO.
They wouldn't be warning about needing more capital if they expected a deal for Bavi to come with $$$$.

Looking on the bright side, support at $2-$3 might hold.
IF they can cut costs quickly enough....."If"......