Thursday, August 15, 2013 9:27:25 AM
An initial read of the 10-Q filed last night shows how dire things are financially for VSTA. Barring a massive capital infusion the end is rapidly approaching.
Key points:
Revenues = $0, part of an ongoing trend and with no revenues in sight. Interesting that its been a couple of years since the last grant, is that a commentary on what VSTA is trying to do?
Operating cash burn still running roughly $1 million per quarter, or roughy $300,000 per month. They can't keep extending payables much more or suppliers will cut them off.
They are still alive as Platinum is providing small, very expensive for a development stage biotech, loans. These are not sufficient to meet their cash burns and one has no idea how long they will continue.
Funding from BGMO = $0. BGMO/Autillion continues to be in default of the SPA.
Question: does VSTA have any IP or patents that are of value to someone else? My bet is no or this would have opened a source of finance for them.
Question: why doesn't the stock ever trade?
Count the weeks, it won't be long now.
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