Hope this helps...back in early 2020 - Mc released a shareholder letter that specifically made mention of a need of $85M to get to FDA submission. Instantly, let's add $10M to that figure because costs are ALWAYS higher...so assume a $95M need to FDA.
Here is how that is accounted for:
The 2 raises before MDT got involved went to liabilities owed plus whatever cash on hand there was. The $1.5M MDT loan went to settle Naglreiter lawsuit and pay legal bills.
So, $10M from MDT upfront cash payment for IP and $31M more in cash for milestone payments gets applied to the $95M needed...in fact, let's take $1M and apply it to liabilities as well to make it an even number, shall we ? Any bank interest earned can also go towards the liabilities column
95M-40M accounted for = $55M still needed
Well, they just got $16.5M from this last raise (net) and perhaps 9M more from "friendly" $1 warrants, so those 2 items total 25.5M
55-25.5 = 29.5M (let's round up to say $30M still needed to make it clean and easy math) u followin me ??
Well, $1.34M can come from the broker warrants at $2.50 that expire on 8/10/20.
$19.45M is available from the $2.92 warrant tranche
$33.5M is available from the $3.95 warrant tranche
(Plus we also have outstanding broker warrants at .21, .45, $1.25 and a bunch at $3.40)
** If we can get PPS to $4 and about a 58% exercise ratio - then that last $30M comes from warrants !!! We would never have to do a formal fund raise again. SO, question is can we get her to breach $4 ??? We're at 82 cents my man, you tell me ?
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