MLNT was formed when CEMP agreed to pay $265mn + royalties for MDCO's infectious disease business. 7/18 MC = ~$400mn with a cash balance of ~$200mn after 5/18 secondary. Important milestones during the remainder of 2018: * Ph3 readout in CABP for Baxdela * EMA regulatory decsion for Vabomere * Baxdela regulatory submissions in latin america. Pipeline is deep, but cash burn is projected into 2020. More dilution in the future is probable.