Ayala Pharmaceuticals Inc (ADXS)

[ubmmg]

Facts: They have cash through at least 2020

That's too funny. In fact, the company says this in the SEC filing:

The Company believes to have sufficient capital to fund its obligations, as they become due, in the ordinary course of business until at least August 2021.

So, which one to believe? I'd say neither.
The real facts are these:
ADXS had $28.217MM in cash & cash equivalents on 4/30/20. Their quarterly cash burn rate is down to $5.9MM and that's a bare minimum for a 20 employee company running single HOT trial. Thus, they have approximately $23.3MM in cash/CE now. They will need to refuel sometime this early Fall -- can't let the cash go less than 6 months needs. How they will run a secondary? My guess it will be the same old way -- R/S and then an offering with warrants to get $10MM or so. It does not matter -- this company is done, unless they sign a paying partner. But, alas, no one will be taking any risks with this miserable, failed company. Not even MRK as b.liu proclaims.
After burning through over $300MM of other-peoples-money, this company lost any single trust from funds and even retail. Folks wised up. No more money is coming, just predators to make a quick buck by shorting this POS to death.
From the SEC filing:

From October 2013 through January 2020, the Company raised approximately $302.7 million in gross proceeds