Addendum—ADXS’ staying within its (new, lower) cash-burn guidance during FY1Q19 appears to be the reason for the +24% pop today. It’s easy to understand why some investors may have doubted that they could do it.
ADXS’ 1/31/19 working capital=$31.4M. This figure consists of the current assets less current liabilities on the 1/31/19 balance sheet (https://www.sec.gov/Archives/edgar/data/1100397/000149315219003181/form10-q.htm#a_3 ) after ignoring the “Deferred revenue” and “Common stock warrant liability” lines, which are accounting artifacts rather than true liabilities.
I consider working capital a more accurate way to measure a company’s liquidity than the cash-plus-marketable-securities figure reported in a financial press release, which was $32.7M in this instance (#msg-147471743).
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