Biotech Values

[ubmmg]

Dew,

How can you explain this:
They had $58.8M in cash, cash equivalents, and short term investments as of 4/30/18.
As of 7/31/18, they had $40.4M in cash and cash equivalents, and 0 in short term investments. They could have sold those STIs.
This means, they burned $18.4M per quarter, not $14M., right?
Something doesn’t add up.