Biotech Values

[DewDiligence]

But presumably [M402] will represent a fair chunk of their unpartnered R&D expense from here on out.

That’s an artificial metric that answers the wrong question.

During the next few years, MNTA’s out-of-pocket R&D costs for the FoB programs will dwarf its expenditures on M402; although some or all of MNTA’s R&D for FoB’s will eventually flow back to MNTA in the form of milestone payments from BAX for pre-submission technical achievements, the FoB programs are where MNTA has to pay attention to the ticking cost meter.

Not so for M402, which isn’t a material drain on MNTA’s liquidity and won’t be for some time.