I think this is a really bad raise. They sold 25% of the company at a big discount to cash + NPV of royalties, reducing by about $1.50 the (cash+royalty NPV)/share value in the company post-raise.
If they needed cash at hand for stronger bargaining position, they should have done a convertible secured by future Mavyret royalties. They should be able to get a 2% interest with a conversion at $15, or $4-5% with a conversion at $20.
Market Data 
Markets 
AI
