GTC Biotherapeutics (fka GTCB)

[mouton29]

I think he said, "accumulated deficit," not accumulated debt. $250 million is a bit high for that, the 10-K balance sheet shows $245,219,000. Of course, that strikes me as about as relevant to the value of the company as the number of goat turds produced annually -- in fact the latter is probably a better metric as it reflects activity, whereas accumulated deficit just reflects past spending -- some might call it investment.

Also, I bought some stock recently and don't see how I am paying based on a $150 million valuation he references. 76 million shares outstanding x 1.04 = $79,000,000, add a slice of preferred, say, $80 million. Even if you add in every penny of debt, that gets you to maybe $110 million as an implied enterprise value.