Biotech Values

[DewDiligence]

Well, how much cash did ADXS forfeit by swapping the 12.9 warrants 1:1 for shares? Surely not $1.50 each, since the warrants were never going to be exercised at $1.50 due to the MFN clause that automatically lowers the exercise price to the offering price of the next financing transaction. Maybe ADXS could’ve pulled in as much as $5M, all told, from the exercise of these warrants, but $2-4M is probably more realistic.

I’ve already opined that ADXS is not behaving entirely rationally, but I could see where ADXS might think it was worth $2-4M to be able to shop a warrant-free balance sheet to prospective investors in the upcoming financing.