Replies to post #17224 on Momenta Pharmaceuticals, Inc. (MNTA)

[DewDiligence]

MNTA had 82.6M diluted shares for valuation purposes at 6/30/17—an increase of 1.5M since 5/3/17 (#msg-131335265).

The 82.6M figure consists of: 76.4M basic shares on the 6/30/17 balance sheet (https://www.sec.gov/Archives/edgar/data/1235010/000123501017000026/mnta2q201710-q.htm#sA04007A1C8AE5EA48D1B698ABCC39757 ); and 6.2M options and unvested restricted stock at (ibid, page 10).

(The ATM financing facility was closed out prior to 6/30/17, so no new shares were issued via the ATM since 6/30/17.)

Note: I use the non-treasury method of calculating diluted shares—i.e., I do not reduce the share count by the cash obtained by the company from future option exercises. The straightforward method of counting all options without adjustment does not require knowledge of the exercises prices and expiration dates of individual options and yet it is sufficiently accurate, IMO, for estimating the number of shares that would need to be cashed out in a buyout at a typical premium.