Biotech Values

[DewDiligence]

ADXS—I like to measure “burn” via the change in net current assets (omitting the “deferred revenue” line, which is an accounting artifact rather than a true liability); this is a more illuminating measurement than cash burn per se, because the cash balance can be artificially affected by changes in working capital (e.g. accounts receivable and accounts payable).

By the method described above, FY3Q18 burn was $53.8M - $40.1M = $13.7M.

https://www.sec.gov/Archives/edgar/data/1100397/000149315218013055/form10-q.htm#a_003 (7/31/18 balance sheet)

https://www.sec.gov/Archives/edgar/data/1100397/000149315218008309/form10-q.htm#a_003 (4/30/18 balance sheet)