Adding the 4.6M shares issued in the latest financing (including 0.6M shares for the underwriter’s over-allotment), MNTA now has about 49.1M diluted shares for valuation purposes.
Discussion: the 49.1M figure consists of 44.5M basic shares and 4.6M employee options. The highest exercise price for a consequential number of employee options is $23.62, which is a price I consider well within reach during the next few years; therefore, I include all 4.6M of the options in the share count for valuation purposes. However, the 49.1M figure excludes 4.2M shares reserved for granting but not yet granted under the company’s incentive plans.
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