Versartis, Inc. (VSAR)

[humonstick]

Convenient for you to exclude R&D expenses. The September quarter alone was 42 mil (correct, not 4.2 mil). The R&D for the December quarter is likely to be less but also likely to be meaningful % to equity. Yes, there will be R&D expenses per last earning announcement.
"All ongoing clinical trials of somavaratan will conclude by the end of 2017"

Professional fees for strategy alternative is not free. Keeping the lights on and people sitting in their desk are not cheap. Liquidation will take significant amounts of time to complete and will incur a lot of professional fees for various area, penalty charges for various early contract termination, reserve set aside. The $2.35 cash liquidation value is a puffy dream.