Biotech Values

[DewDiligence]

ADXS 10/31/18 fully-diluted† share count=89.2M. This figure consists of: 69.6M common shares on the 10/31/18 balance sheet (https://www.sec.gov/Archives/edgar/data/1100397/000149315219000489/form10k.htm#f_002 ); and 19.6M warrants, options, and unvested restricted stock (ibid, page F-11).

†My calculation of the fully-diluted share count is not based on the treasury method. Rather, I simply convert all derivatives into common shares; this method is intentionally conservative but somewhat unrealistic insofar as the exercise prices of most options and warrants are far out-of-the-money.