Mast Therapeutics, Inc. (MSTX)

[UpstateChris]

Admittedly better than I expected. Roughly $13.3M loss for the year, so if no further acquisitions and Brian can resist taking another $5M in bonus money and assuming the cost of preparing the NDA for 188/514/530 and the trials (remember, 2011 had very little in the way of active trials - more admin stuff and waiting) I would say they have cash on hand for a solid 2 years. Can they generate a revenue stream by then? That would be tight. If they focus on one drug and control costs they may squeeze an extra 6 months, maybe a year. You would have to really look at the last 5 years financials to get an average, not just last 2. The last dilution gave them some breathing room - but notice that at this low PPS the market cap is only $56M. Until they are much closer to an approved drug I still see very little justification in going long and find it unlikely that there will be a significant PPS increase. That said, seems as solid as any R&D biotech if you want to take a long term gamble. I still think the best chance at making serious coin in this is hoping that some big Rx that needs to reformulate to renew a patent clock buys them out. Just my thoughts though...best of luck.