Avid Bioservices Inc (CDMO)

[dia76ca]

AVID revenues are growing dramatically and the March CC may tell us more. But there are also the Two Big Elephants in the room that have very large potential.

1. Elephant #1.The potential of a large government anti-viral stocking program. How big will this be? I would guess that it would be very large.

2. Elephant #2.If there is a partnership for Bavi-cancer signed this year I would expect all future Bavi-cancer production to be recognized as revenue. And a big pharma would want a big supply for a number of phase III studies in a number of indications. And once Bavi-cancer sales ramp up into the billions of dollars what will the AVID revenues be?

Both of these Elephants assume the on-going success of Bavi-cancer and Bavi-viral trials. That is my expectation and underlying assumption. Good luck to us all.