Titan Medical Inc (TMDIF)

[66Mustang]

Burn rate appears to be about $3M/month lately, and that includes building new systems, which implies the development engineering burn rate must be slowing. The last prospectus shows a bolus of cash going out Q1 and Q2 2019, but given their existing presence at the three sites and training program was done (might need a couple tweaks for the revised system - shouldn't be too hard to tell a surgeon how to use the windshield washer!) it should minimize the spending. $30M cash on hand covers Q1 and Q2 but I don't know how much of the $12M costs for the confidence build are already paid, so if it gets us to the end of June, I'm more than happy. That said, they don't want to run dry in the meantime, so a raise in the Feb/March time frame wouldn't surprise me (maybe sooner). Barring a partnership or distribution announcement, I'd be surprised if we DIDN'T get hit with another raise by the end of March! I agree, that is probably the biggest issue with this stock at the moment.

As far as getting through FDA and CE, a big chunk of the Q2 money covers FDA preliminary (Qsub) filing so hypothetically it might not be too egregious, but who knows.

All I know is I'm not selling; we could risk it and sell now hoping to buy back cheaper after another raise, but any announcement of partnership or distributorship could tank that plan instantly.


Message in reply to:

How much more $ do they need to get through FDA/CE?

Funding/dilution the problem with this stock....