Avid Bioservices Inc (CDMO)

[exwannabe]

Making sense ... of why PPHM would raise 125m USD

A couple errors in your calculation.

First, the burn rate has been averaging more like $6M/q, and that could well be up a little with the recent hiring.

Second, you ignore $31.5M of interest ($37,5M if CP is correct that they do not get the preferred listed).

So that makes the 3 year spend. $75+$50+$31 = $156M

Just magic, right on the nose.