noretreat,
Don't respond to him (it's his way or the hi-way). He does not justify his arguments. I've had it with his disparaging comments, thrown at anyone who simply has a question about something SOMEONE ELSE has said. How some of his posts are not deleted by the moderator's is beyond me(my wife finds a few of his responses vulgar, yet the mod's allow it).
Anyhow, I believe you are not long this company, I am. I've visited their office(last week of Dec., 2017), sat down and spoke with Dr. Menon. I believe they are pushing forward as best they can and, as an investor in the company, you either believe their statements/pr's, or don't. I do(I've only said that once b4((and glad I did):).
Do they have a ton of money in the bank? No.
Some on this board see their(ipix) chances of success as an abosulute lock, some see it as an abosulute failure, while others see the chances as a definite maybe(me).
Keep the discussion, and questions coming, some of us are trying to verify/justify/learn, educate ourselves.
"The goal of education is the advancement of knowledge and the dissemination of truth". JFK
The 2/7/18 10q addresses this on page 8, 2nd, 3rd, and 4th paragraph's , which some, it appears, have not read.
Your arithmetic is sound.
page 8, 2nd, 3rd, and 4th paragraph's:
At December 31, 2017, the Company’s cash amounted to $3.2 million and current liabilities amounted to $10.6 million, of which $6.5 million were payables to related parties with no immediate payment terms (See Note 8- Related Party Transactions in the Notes to Condensed Financial Statements section below). The Company had expended substantial funds on its clinical trials and expects to continue our spending on research and development expenditures. The Company’s net cash used in operating activities for the six months ended December 31, 2017 was approximately $7.2 million, and current projections indicate that the Company will have continued negative cash flows from operating activities for the foreseeable future. Our net losses incurred for the six months ended December 31, 2017 and 2016, amounted to $9.1 million and $6.4 million, respectively, and working capital deficits was approximately $7.3 million and $6.1 million at December 31, 2017 and June 30, 2017, respectively.
Accordingly, the Company’s planned operations, including total budgeted expenditures of approximately $12.2 million for the next twelve months, raise doubt about its ability to continue as a going concern. The Company’s plans to alleviate the doubt of its ability to continue as a going concern primarily include controlling the timing and spending on its research and development programs and raising additional funds through equity financings from its common stock purchase agreement with Aspire Capital Fund, LLC, an Illinois limited liability company (“Aspire Capital”). The Company may consider other plans to fund operations including: (1) raising additional capital through debt financings or from other sources; (2) additional funding through new relationships to help fund future clinical trial costs (i.e. licensing and partnerships); (3) reducing spending on one or more research and development programs by discontinuing development; and/or (4) restructuring operations to change its overhead structure. The Company may issue securities, including shares of common stock, shares of preferred stock and stock purchase contracts through private placement transactions or registered public offerings, pursuant to its registration statement on Form S-3 filed with the SEC on September 11, 2017. The Company’s future liquidity needs, and ability to address those needs, will largely be determined by the success of its product candidates and key development and regulatory events and its decisions in the future.
The Company believes that the actions discussed above are probable of occurring and alleviating the substantial doubt raised by our historical operating results and satisfying our estimated liquidity needs twelve months from the issuance of the accompanying financial statements.
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