Biotech Values

[iwfal]

MNTA -

appears that the COG number is just below 40%.

Agreed that that is the COGS number - but assumes several things:

a) The portion of back expenses owed by MNTA is same as profit share.

b) That there weren't one-time distortions added by start up (e.g. if starting inventory was done on R&D then the COGS will look better than they really are)

--------------------------

Also note that I am on record as expecting low range of COGS due to need to reverse engineer manufacturing process to match end product. I.e. 40% sounds reasonable to me. But we really need to wait a quarter before really knowning.