Biotech Values

[DewDiligence]

MNTA—Your $23M forecast for 2Q11 GAAP operating expenses (net of “R&D revenue,” which is reimbursed by NVS) is slightly too high, IMO.

One way to estimate GAAP operating expenses (net of R&D revenue) is to take MNTA’s $15-18M guidance for quarterly cash expenses apart from Lovenox income and to add back estimated non-cash expenses for depreciation and stock-based compensation. For the past five quarters, non-cash expenses have averaged $3.9M; adding this to MNTA’s $15-18M guidance mentioned above gives a range of roughly $19-22M.