Replies to post #116271 on Avid Bioservices Inc (CDMO)

[entdoc]

hey cj, REALLY appreciate the transcript. I didn't even know the cc. was going to happen. cheers!

[cjgaddy]

Corp. Factsheet updated 3-13-13 – these changes were made from the prev. 1-31-13 version…
http://www.peregrineinc.com/images/stories/pdfs/corp_fact_sheet.pdf

This section ADDED:
Bavituximab: Meaningful Improvement in Median Overall Survival in Patients with Second-Line NSCLC Supports Advancing Bavituximab into Phase III Development
In February 2013, we reported data from our randomized, double-blind placebo-controlled Phase II trial of bavituximab in patients with second-line non-small cell lung cancer (NSCLC). Data from the trial has been updated based on completion of an earlier review of discrepancies in the trial and the most current survival data from the trial. Updated results from this Phase II trial indicate a meaningful improvement in median overall survival of 11.7 months in the 3mg/kg bavituximab + docetaxel arm compared to 7.3 months in the control arm (HR=0.73; p value=0.217). Persistent separation in the survival curves was observed with response rates and progression free survival also favoring the 3mg/kg bavituximab + docetaxel arm in this difficult to treat second-line NSCLC. The results also demonstrated that bavituximab was well-tolerated with no significant differences in adverse events between the trial arms. Peregrine plans to report additional data from the trial, including updated subgroup analysis and safety data, at an upcoming scientific meeting. With these data in hand, we are moving towards conducting a meeting with the FDA to discuss our strategy for a Phase III program.

These 2 people ADDED back to the MGT-TEAM List (missing from 12-12-12 & 1-31-13 versions – probably an error since have been on PeregrineInc.com Mgt-Team list all along http://www.peregrineinc.com/about-us/management-team.html ):
• Kerstin B. Menander, M.D., PhD, Head of Medical Oncology
• Mary J. Boyd, PhD, Head of Business Development For Asia & Europe

These Changes to the Financials section:
Cash: $24mm (10-31-12) => $26mm (1-31-13)
Mkt-Cap: $249.1mm (1-31-13) => $216.6mm (3-12-13)
Oper. Cash Burn/qtr: $7.0mm (qe10-31-12) => $3.6mm (qe1-31-13)
Shares O/S: 132.5mm (12-7-12) => 137.5mm (3-11-13)

UPDATED “Advancing Clinical Pipeline with Multiple Near-Term Inflection Points” Chart:

NEW (3-13-13):


PREVIOUS (1-31-13):

[cjgaddy]

ATM Sales Summary (3-2009 thru 3-12-2013)…

ATM = “At-The-Market Sales Issuance”

I. WM-SMITH:
• $7.5mm ATM/Wm.SMITH 3-26-09: $7,500,000gr. / 2,150,759sh. = $3.49/sh. (commiss: 3%)
• $25mm ATM/Wm.SMITH 7-14-09: $25,000,000gr. / 7,569,314sh. = $3.30/sh. (commiss: 3%/1st$15mm, then 2%)
*Total Raised via WmSmith ATM Sales thru 7-31-10:
. . . . $32,500,000gr. / 9,720,073sh. = $3.34/sh.

II. MLV 6-2010: http://www.mlvco.com
$15mm ATM/MLV 6-22-10 (commiss: 2%) Form424: http://tinyurl.com/24txkxb
• Sold 6/22/10–10/31/10: $6,840,000gr. / 4,031,018sh. = $1.70/sh.
• Sold 11/1/10–11/30/10: $7,407,000gr. / 4,711,611sh. = $1.57/sh.
• Sold 12/1/10–1/31/11: $753,000gr. / 471,744sh. = $1.60/sh.
*Total Raised via MLV June’10 ATM Sales thru 1-31-11:
. . . . $15,000,000gr. / 9,214,373 = $1.63/sh.

III. MLV 12-2010: “Dec’10 AMI Agreement” http://www.mlvco.com
$75mm ATM/MLV 12-29-10 (commiss: max=5%) Form8K: http://tinyurl.com/2a6w76g
(pursuant to $75mm S-3 Shelf Reg. filed 12-17-10: http://tinyurl.com/2469b2d )
• Sold 12/29/10-1/31/11: $6,460,000gr. / 2,385,862sh. = $2.71/sh.
• Sold 2/1/11-2/28/11: $2,358,000gr. / 998,142sh. = $2.36/sh.
• Sold 3/1/11-4/30/11: $4,470,000gr. / 1,840,487sh. = $2.43/sh.
• Sold 5/1/11-7/31/11: $3,713,000gr. / 1,912,576sh. = $1.94/sh.
• Sold 8/1/11-10/31/11: $5,582,000gr. / 4,727,840sh. = $1.18/sh.
• Sold 9-2-12 Roth Direct: $6,940,000gr./ 6,252,252sh. = $1.11/sh.
• Sold 11/1/11-1/31/12: $10,961,000gr. / 10,308,025sh. = $1.06/sh.
• Sold 2/1/12-2/29/12: $5,871,000gr. / 5,726,946sh. = $1.03/sh.
• Sold 3/1/12-4/30/12: $1,263,000gr. / 2,198,543sh. = $.57/sh.
• Sold 5/1/12-6/30/12: $1,496,000gr. / 2,752,691sh. = $.54/sh.
• Sold 7/1/12-9/26/12: none**
• Sold 9/27/12-10/31/12: $16,719,000gr./ 18,557,928 = $.90/sh.
• Sold 11/1/12-11/30/12: $7,296,000gr./ 9,220,313 = $.79
• Sold 12/1/12-1/31/13: $1,540,000gr./ 1,131,282 = $1.36
• Sold 2/1/13-3/12/13: $330,000gr./ 201,154 = $1.64
*Total Raised via MLV Dec’10 ATM Sales thru 3-12-2013:
. . . . $75,000,000gr. / 68,214,041 = $1.10sh.

IV. MLV 12-2012: “Dec’12 AMI Agreement” http://www.mlvco.com
$75mm ATM/MLV 12-29-12 (commiss: max=5%) Form8K: http://tinyurl.com/2a6w76g
(pursuant to $75mm S-3 Shelf Reg. filed 3-9-12: http://tinyurl.com/7dl7pjm )
• Sold 2/1/13-3/12/13: $4,475,000gr. / 3,132,402sh. = $1.43/sh.

TOTAL ALL A-T-M SALES – INCEPTION (3-2009) THRU 3-12-2013:
==> $126,974,000gr. / 90,280,889sh. = $1.41/sh.

- - - - - - - - - -
10-31-11 10Q: “During the 6mos. 10-31-11, we sold 6,440,416 shares of our common stock at mkt-prices for gross proceeds of $9,295,000 under the Dec’10 AMI Agreement before deducting commissions and other issuance costs of $260,000”
1-31-12 10Q: “During the 9mos. ended 1-31-12, we sold 16,948,441 shares of our common stock at mkt-prices for gross proceeds of $20,256,000 under the Dec’10 AMI Agreement before deducting commissions and other issuance costs of $482,000. …During Feb.2012, we sold an addl. 5,726,946 shares of common stock at market prices under the Dec’10 AMI Agreement in exchange for aggregate gross proceeds of $5,871,000. As of 2-29-12, gross proceeds of $38,644,000 remained available under our 2 effective shelf registration statements.”
4-30-12 10K: “Under the Dec. 2010 AMI Agreement with MLV …for aggregate gross proceeds of up to $75,000,000… During FY’s 2011 (5’10-4’11) and 2012 (5’11-4’12), we sold 30,098,421 shares of common stock at market prices under the Dec.2010 AMI for aggregate gross proceeds of $40,678,000 before deducting commissions & other issuance costs of $917,000. As of April 30, 2012, aggregate gross proceeds of up to $27,382,000 remained available under the Dec.2010 AMI… Subsequent to April 30, 2012 and through June 30, 2012, we sold 2,752,691 shares of common stock at mkt prices under the Dec.2010 AMI for aggregate gross proceeds of $1,496,000… Under the registered direct public offering dated Sept. 2, 2011, we entered into separate subscription agreements with 3 institutional investors, pursuant to which we sold an aggregate of 6,252,252 shares of our common stock at a purchase price of $1.11/sh. for gross proceeds of $6,940,000 before deducting placement agent fees and other offering expenses of $525,000.”
10-31-12 10Q: “During the 6mos. 10-31-12, we sold 21,310,619 shares… at varying mkt-prices under the Dec’10 AMI Agreement for gross proceeds of $18,215,000 before deducting commissions and other issuance costs of $620,000. From 11-1-12 thru 11-30-12, we sold 9,220,313 shares gross of $7,296,000. As of 11-30-12, aggregate gross proceeds of up to $1,871,000 remained available under the Dec’10 AMI Agreement. As of 11-30-12, gross proceeds of $151,871,000 remained available under 2 effective shelf registration statements.”
1-31-13 10Q/pg.11: “DEC’10-AMI(max=$75mm): During the 9 mos. 1-31-13, we sold 31,662,214 shares at varying mkt prices for gross proceeds of $27,051,000 before deducting commissions/other-costs of $885,000. As of 1-31-13, gross proceeds of up to $330,000 remained available. From 2-1-13 – 3-12-13, we sold 201,154 shares at mkt prices for gross $330,000. As of 3-12-13, we had raised the full amt of gross proceeds available… DEC’12-AMI(max=$75mm): As of 1-31-13, we had not sold any shares. From 2-1-13 - 3-12-13, we sold 3,132,402 shares at mkt prices for gross proceeds of $4,475,000. As of 3-12-13, gross proceeds of up to $70,525,000 remained available.”

ALL SEC filings for PPHM: http://tinyurl.com/6d4jw8 (Note: PPHM’s FY runs May-April)

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PPHM’S ATM PHILOSOPHY, CFO PAUL LYTLE, 12-9-10 CC:
“Beyond these 2 sources of capital ([Avid & Gov’t], we have raised addl. capital through the equity markets and it’s important to note that over the past 3 years we have sold every share at market prices [“ATM”], without warrants, without discounts. We continue to be active in the investment community and we have had strong interest from institutional investors intrigued by our clinical data, by our multiple trials to evaluate bavituximab’s broad therapeutic potential, and by the interim survival data we have seen from our novel brain cancer therapy Cotara. Our goal is to maintain a balanced financial approach with multiple sources of capital and to carefully manage our cash burn as we continue to advance these programs.” http://tinyurl.com/24xmcsn

[cjgaddy]

Excerpts+Slides from CEO S.King’s 3-18-13 ROTH Talk (DanaPT CA)

Mar17-20 2013: “Roth’s 25th Annual OC Growth Stock Conf.”, DanaPT, CA
http://www.roth.com/main/Page.aspx?PageID=7260

CEO Steven King’s 27 min. Presentation – Roth/DanaPT CA
3-18-2013 2pmPT WEBCAST Replay: http://ir.peregrineinc.com/events.cfm
Direct: http://www.wsw.com/webcast/roth27/pphm

Selected Slides & Excerpts from CEO Steven King’s 3-18-13 Presentation at ROTH/DanaPt, CA:



SK/03/Highlights: “(Bavi & Cotara)… these both represent significant partnering opportunities, along with our Imaging program, which is another clinical-stage program – these are essentially un-partnered in the major territories, and so one of our focal points for the coming year is actually partnering activities around both the Bavituximab & Cotara programs…”


SK/04/Milestones: “We expect an ample # of upcoming milestones… Complete data from the 2nd-Line NSCLC trial we’re expecting by mid-year, as well as from the Pancreatic Cancer Front-line study – for both of those we expect to have subset analysis as well as the entire dataset itself. We’re expecting OS data from a Front-line NSCLC study, potential data from mult. ongoing IST’s, which could include not just anti-tumor activity, but also we’re doing sub-studies that could help further validate the MOA in a clinical setting, which we’ve done very nicely in pre-clinical models. In addition, as I mentioned, we have an Imaging program called PGN650 which is an ongoing study we expect data from in 2013, and were looking forward to partnering activities and eventually, towards the end of this year or beginning of next year, being in a position to start a pivotal study for our Cotara pgm in recurrent GBM.”




SK/07/MOA: “…It turns out also that Bavi an excellent combination with chemotherapy, because basically the only normal time PS is exposed is during programmed-cell-death, or Apoptosis, when cells die. And what we see is chemotherapy, of course its job in cancer therapy is to kill cancer cells, so as it’s killing cancer cells, it’s causing more PS exposure, giving us more target to bind to and better anti-tumor effects. Bavituximab basically targets and basically binds to PS, blocking this immunosuppressive signal – this causes actual signaling changes within the tumor microenvironment, allowing the body to begin to fight the tumor and to build, not just immediate immune-response, mediated thru such activities as Antibody-Dependent Cell-Mediated Cytotoxicity (ADCC), but actually a fully-adaptive immune response, in which now the body itself takes over the role of fighting the disease.”




SK/09-10-11: “Our lead indication is 2nd-Line NSCLC. As Joe alluded to earlier, we had run a very robust trial in 2nd-Line NSCLC - 121 pts, a double-blinded, placebo-ctl’d study. So, a very robust study comparing high-dose Bavi, low-dose Bavi or placebo, with Docetaxel in all 3 arms of the study. Primary endpoint was tumor resp. rates (TRR), but of course, as we’re looking at future clinical development, OS becomes the key endpoint, because that would undoubtedly become the primary endpoint in a Phase III trial design. In this trial, we’re treating Stage IIB or IV non-squamous NSCLC pts. We had very positive results for TRR’s, PFS, as well as OS. In fact, in Sept. 2012, we presented the top-line OS data. Just a couple of weeks later, as we were preparing for an EOP2 meeting, we were running a small sub-study, part of this clinical trial, which was a drug-drug interaction study, and we discovered something which was shocking, to say the least, in that we recognized we had vial-coding discrepancies within the trial. At that point, we really had to take a much deeper dive into determining what had happened in this study. What happened was about a 3.5 mo. process of completely de-constructing the trial. We tested investigational product called back from the field. We tested addl. pt. samples to determine which drug level was in their system, whether it be placebo, low- or high-dose Bavi, in addition to reviewing immunogenicity testing results from the study. So, as with all biologics, you test for the dev. of immune responses to your drug, and what you expect to see, of course, in the placebo, no immune responses, but to see immune responses when the drug is given over a period of time. The results of all this analysis indicated that, although there were vial-coding discrepancies, there was no evidence of any impact on the high-dose 3mg arm, but however there had been significant coding discrepancies between the 1mg & placebo arms, to the point where we really could not determine at what points pts. within those 2 arms might have been receiving the other drug; in other words 1mg pts. receiving placebo, or vice versa. What we chose to do is really a conservative analysis of combining the low-dose (1mg) & placebo arms together, so the net effect is that we now have active drug in our control arm. But, again, we felt like this was really the most conservative way to judge the results of the study and to determine the best way to move the pgm forward. We announced a few weeks ago the top-line data, OS from that combined analysis. So, this is not just re-analyzing the old data, but bringing the data right up to date. What we saw was an 11.7 mos. MOS in the high-dose (3mg) Bavi group vs. 7.3 mos. in the combined control arm, or about a 60% improvement in MOS, with a HR of .73 and a P-Value of .21 – excellent results for a Phase II study. Very few Phase II’s actually achieve this level of signs of activity. And, again, we’re really working at a deficit, in which we combined, not just active drug in our control arm, but also we combined 2-to-1 in the control arm of the study. We believe this positions us very nicely for Phase III development. We’re currently evaluating a multi-national Phase III trial design, which would probably end up being about 600 pts, with some sort of interim data look during the study. We have a strong Safety database which supports continued development. Our goal is to initiate the Phase III trial by the end of 2013. The next steps for us are to now put this data in front of the FDA at and EOP2 meeting in 2Q’13, and that will set the stage for being able to move into the Phase III by the end of the year. As Joe mentioned, it’s somewhat of a roller-coaster, but were very pleased with where we’ve come out of this and feel like we have a very strong program to move into Phase III development.”






SK/12-13/[Pancreatic Cancer Trial]: “…70 pts, 1-to-1, Bavi+Gem vs. Gemcitabine-Alone. Here we had a very broad pt. entry criteria of no upper age limit on pts., ECOG Perf. Status 0-2, with 2 being more-advanced pts. with advanced disease, and Bilirubin levels, or are a sign of liver activity up to 1.5 times the upper limit of normal, so the higher the #, the more liver involvement and a poorer prognosis for pts. In Feb’13, we announced the results of this study, and I think we’re actually very pleased with the study overall. We saw some very encouraging signs of activity, in an overall doubling of TRR’s (ORR), again in a very advanced pt. population, and we saw a modest, but still a diff. in MOS. I think that as we think thru these results we’re actually very encouraged, and one of the things we’re looking forward to doing, hopefully at ASCO this year, is laying out the entire dataset, including subset analysis, because what we ended up doing was actually enrolling very advanced & older pts. in this trial, and that really shows up in the 5.3 mos. MOS in the GEM arm – those of you familiar with the area will know that recent trials with a little more restrictive enrollment criteria w.r.t. performance status, pt. age, and liver involvement have shown about 6.5-6.7 mos. MOS, so we’re seeing that our pts here are not staying on treatment as long as we would like and having to come off of the GEM. As we look to moving this program forward, we’re actually quite encouraged, we looking to extend the dosing regimen by refining the pt. pop. into younger pts. with a better Perf. Status. In addition, we recognize that this area is changing as well, with new drugs coming into the marketplace, potentially in the not-to-distant future. So, an attractive combination would be with Abraxane [Celegene: http://www.medicalnewstoday.com/articles/255388.php ] & Gemcitabine. Again, what we have here is a drug here, in which we know that these drugs are up-regulating our target. By giving it with a more active combination, we’re now getting more doses into the pts. and better able to build that immune-responsiveness to the tumor. So, we’re currently evaluating future trial designs with our Key Opinion Leaders who are helping us to guide the program. We hope to have clinical data coming up at the ASCO timeframe and then be in a position to really by that timeframe to lay out what our plans are for the next trial in Pancreatic Cancer.”






SK/15/[ISTs]:
• “Frontline NSCLC Bavi+Pemetrexed - a very important combination; PEM was orig. approved in 2nd-Line, and has subsequently been approved in Frontline, and is gaining mkt-share. So, as we think about the utility of Bavi in NSCLC, a combination with PEM could be quite powerful.”
• “Another study that’s ongoing is Liver Cancer in combo with Sorafenib, where, unlike other treatments, we’ve been able to successfully combine with Sorafenib, in which normally things such as anti-angenesis agents cannot be given with Sorafenib, and we’ve generated a good safety profile in that combination. Again, we expect data coming this year. This can be a very important study from a partnering standpoint; one of our goals in partnering is to primarily do Ex-US partnering and maintain as much of the U.S. rights as we can. Liver Cancer is a very large indication throughout the Asia, so it would be a very attractive from a partnering standing for a regional partnership that area.”
• “In addition, we’ve been running a Breast Cancer study in HER2- patients. It’s a frontline study in combo with Paclitaxel. We had some earlier Ph2 data in Breast Cancer that looked quite promising, with good OS results. Now we’re in the process of looking at one of the subsets of pts, namely HER2-, in which there’s still a very high un-met medical need and prognosis is poor. We expect data from this study coming this year.”
• “…Rectal Adenocarcinoma IST, in which we’re combining with Radiation, a very potent inducer of our molecule.”


SK/16/PS-Imaging: “This is based on the same PS target we’ve just talked about, which is exposed in many diff. diseases, but really our main area of interest is in Oncology. However, other PS-binding agents have been used in the clinic to image CNS Disease as well as Cardiovascular Disease, so really very, very broad potential with an agent which should have superior quality to other Imaging agents in this area.”






SK/19/Cotara: “…Our strategy here is to bring on board a partner or partnerS to move this program forward, and to be in a position to move the program forward by early in 2014. So, very active development activities going on around the Cotara program.”




SK/22/Financials: “As of our last reported Qtr-ended 1-31-13, we have $26mm in Cash & Cash Eq. – that same Qtr we had ~$3.6mm burn rate, so we’ve seen our burn rate come down nicely as revenues have increased and also as we’ve wrapped up clinical trials. So, we feel like we’re in a good position now to start to pursue the next round of trials that will drive value into the company and to be able to effectively operate on those clinical studies…”




*end*

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OTHER RECENT PRESENTATIONS:

3-12-13 Qtly. Conf. Call (King/Shan/Garnick/Lytle) Transcript http://tinyurl.com/c48osut
...Rob Garnick (Head/Reg.): "Re: 2nd-Line NSCLC: …the 3rd piece, which is important, is the efficacy piece, and as I point out to many people, there are very few and far between Phase II trials that ever show statistical significance in efficacy - that's an absolutely unbelievable hurdle for a Phase II product. And, what you're really looking for is an ability to describe that you do have clinical efficacy, and as Joe has said, showing 11.7 mos. for the 3mg arm and a difference in the pooled dataset for the product of 7.3 mos. when you combine the control & the placebo, definitely gives you the indication that in overall survival, we have a potentially highly efficacious product… we're going to discuss the entire situation of the investigation with the agency, as well as all the data I just described, and we feel pretty confident that we have enough data to move the product effectively into Phase III."

3-5-13: CEO Steve King's 24min. talk at Cowen HC Conf. (Boston) - Excepts & SLIDES http://tinyurl.com/bczyfb3
…CEO S.King: "Our goal remains to initiate a Phase III in 2nd-Line NSCLC by yr-end 2013."

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PPHM Corp. Factsheet updated 3-13-13, labeled “March 2013”:
http://www.peregrineinc.com/images/stories/pdfs/corp_fact_sheet.pdf
UPDATED “Advancing Clinical Pipeline with Multiple Near-Term Inflection Points” Chart:


MORE on Peregrine’s Drugs here: http://investorshub.advfn.com/boards/show_ibox.aspx?boardid=2076

[cjgaddy]

Avid revs at $17.2M thru 1st 9mos of FY13 (q/e 1-31-13). If Q4=$4.0M, then FY’13 would be ~$21M, a record, up ~45% from prev. high FY’12 of $14.8M. Could make for a very nice headline. Recall, FY’10 total PPHM+Avid revs were $28.0M when the DTRA Govt contract was at full speed, but Avid “DTRA” services revs were included in Peregrine Corp. figures, not in Avid’s.

 
 Qtr-end          Avid-Revs Gross-Profit$ GP%  CustA/USA CustB2/USA 
 FY13Q1  7-31-12  4,135,000     2,111,000 51%     81%        18% 
 FY13Q2 10-31-12  6,061,000     2,350,000 39%     97%         0%       
 FY13Q3  1-31-13  6,961,000     3,310,000 47%     60%        37% 
 FY13Q4  4-30-13  _,___,___     _,___,___ __%     __%        __%

3-12-13: PPHM's Revs & Burns By Qtr Table, FY'07/Q1 thru FY'13/Q3 (q/e 1-31-13): http://tinyurl.com/c48osut

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Avid-Only from the 10Q 1-31-13 iss. 3-12-13: http://tinyurl.com/cu2qry5
REVENUES – Q3FY13 (q/e 1-31-13):
Contract mfg. revenue $6,961,000
Cost of contract mfg. $3,651,000
Gross Profit contract mfg: $3,310,000
That’s Gross Margin (%) = 47%

COMPARE TO LAST QTR:
Avid-Only from the 10Q 10-31-12 iss. 12-10-12: http://tinyurl.com/bcoq6yd
REVENUES – Q2FY13 (q/e 10-31-12):
Contract mfg. revenue $6,061,000
Cost of contract mfg. $3,703,000
Gross Profit contract mfg: $2,358,000
That’s Gross Margin (%) = 39%

[cjgaddy]

The updated PPHM REVS-BY-QTR TABLE, now thru FY13/Q4 (fy/e 4-30-13), per the 4-30-13 10-K ( http://tinyurl.com/p58jcbw ) issued 7-11-13. Deferred-Revs at 4-30-13, going fwd into FY’14/Q1 (q/e 7-31-13), total $4.17mm, down from the $5.06mm of Deferred-Revs at 1-31-13 that drove into FY’13/Q4.
• Total Revs since May’06: ($80.1mm/Avid + $24.1mm/Govt + $2.0mm/Lic.) = $106.3mm
==> Recall, Avid Rev$ from Gov’t DTRA Contract work (6/30/08 – 4/15/11, totaling $24.15mm), went into GOVT-REVS, not AVID-REVS, in the Financials.
Avid’s website: http://www.avidbio.com

 
 AVID PROFITABILITY (GROSS*) BY QTR: 
 QTR              Avid-Rev$  CostofMfg$  Gross-Profit$   GM% 
 FY13Q1  7-31-12  4,135,000   2,024,000      2,111,000   51% 
 FY13Q2 10-31-12  6,061,000   3,703,000      2,358,000   39%  
 FY13Q3  1-31-13  6,961,000   3,651,000      3,310,000   47%  
 FY13Q4  4-30-13  4,176,000   3,217,000        959,000   23% 
 FY13 TOTAL:     21,333,000  12,595,000      8,738,000   41% 
 *Avid Net-Profit (ie, incl. Selling, G&A) not split out from PPHM-Corp. in the financials. 
 . 
 PPHM REVENUES (in thousands)              DEFERRED                  
                  -------REVENUES-------   REVENUES  INVEN-     
 Quarter          Avid  Govt Lic.  TOTAL  Avid Govt  TORIES 
 FY07Q1  7-31-06   398     0   23    421   317    0    971 
 FY07Q2 10-31-06   636     0   48    684  1388    0   1899 
 FY07Q3  1-31-07   347     0   16    363  2202    0   1325 
 FY07Q4  4-30-07  2111     0  129   2240  1060    0   1916 
 FY08Q1  7-31-07  1621     0    4   1625  1820    0   2363 
 FY08Q2 10-31-07  1863     0   29   1892  1338    0   3500 
 FY08Q3  1-31-08  1662     0   13   1675  1434    0   2394 
 FY08Q4  4-30-08   751     0  150    901  2196    0   2900 
 FY09Q1  7-31-08  1193   324    0   1517  4021  980   4628 
 FY09Q2 10-31-08   983   958    0   1941  6472 1701   6700 
 FY09Q3  1-31-09  5778  1048    0   6826  4805 3262   5547 
 FY09Q4  4-30-09  5009  2683  175   7867  3776 3871   4707 
 FY10Q1  7-31-09  2070  4671    9   6750  5755 2332   6177 
 FY10Q2 10-31-09  5308  1510   78   6896  4260 3989   5850 
 FY10Q3  1-31-10  2945  6854   78   9877  3052   76   3861 
 FY10Q4  4-30-10  2881  1461   78   4420  2406   78   3123 
 FY11Q1  7-31-10   983  2111  115   3209  3719   47   4692  
 FY11Q2 10-31-10  3627   966   78   4671  2447   35   3555 
 FY11Q3  1-31-11  1922   882   79   2883  4300   40   3915 
 FY11Q4  4-30-11  1970   681   78   2729  5617    0   5284 
 FY12Q1  7-31-11  5439     0  216   5655  4145    0   4481 
 FY12Q2 10-31-11  4154     0   78   4232  2012    0   3178 
 FY12Q3  1-31-12  3203     0   78   3281  2552    0   2722 
 FY12Q4  4-30-12  1987     0   78   2065  3651    0   3611 
 FY13Q1  7-31-12  4135     0  116   4251  6056    0   5744 
 FY13Q2 10-31-12  6061     0   78   6139  6221    0   5426 
 FY13Q3 1-31-13   6961     0   78   7039  5061    0   4635 
 FY13Q4 4-30-13   4176     0   78   4254  4171    0   4339 
 Totals:         80174 24149 1980 106303 <=since5/1/2006 
 . 
 TOTAL REV’s BY YEAR (Avid+Gov’t+Lic): 
 FY04 4-30-04  3,314 …Avid(CMO)= 3,039 (Avid-Revs don’t incl. Govt-SVCS) 
 FY05 4-30-05  4,959 …Avid(CMO)= 4,684 
 FY06 4-30-06  3,193 …Avid(CMO)= 3,005 
 FY07 4-30-07  3,708 …Avid(CMO)= 3,492 
 FY08 4-30-08  6,093 …Avid(CMO)= 5,897 
 FY09 4-30-09 18,151 …Avid(CMO)= 12,963 
 FY10 4-30-10 27,943 …Avid(CMO)= 13,204 
 FY11 4-30-11 13,492 …Avid(CMO)= 8,502 
 FY12 4-30-12 15,233 …Avid(CMO)= 14,783 
 FY13 4-30-13 21,683 …Avid(CMO)= 21,333 
 ...Total Gov’t Revs from 7-2008 inception thru FY11Q4(Apr’11): $24.15mm 
 . 
 AVID “Total Services”: 
 AVID OUTPUT$   3rd-PARTY + PEREGRINE = TOTAL-OUTPUT$ 
 FY09  4-30-09    13mm       10mm         $23mm # 
 FY10  4-30-10    13mm       17mm         $30mm # 
 FY11  4-30-11     9mm       11mm         $20mm @ 
 FY12  4-30-12    15mm       11mm         $26mm @ 
 FY13  4-30-13    21mm      ~10mm        ~$31mm ^ 
 LTM ended 1/2010 3rd/$15.3mm + Govt/$8.3mm + PPHM/$8.8mm = $32.4mm * 
 @SKing 3-18-2013 RothOC/DanaPT (Slide21) http://tinyurl.com/cebtwen  
 #SKing 7-12-2012 JMP/NYC Conf. (Slide27) http://tinyurl.com/csdclwb   
 *SKing 3-17-2010 RothOC/DanaPT Conf. (Slide18) http://tinyurl.com/ye9v7jq  
 ^PLytle 7-11-2013 Qtly-CC “Avid did ~$10mm in equivalent services for Peregrine in FY13, which does not get reflected into the financial statements, it's eliminated in consolidation.” 
 . 
 PPHM’S QTLY. NET LOSS BY QTR: 
 FY08Q1  7-31-07 4,656,000  
 FY08Q2 10-31-07 6,207,000 
 FY08Q3  1-31-08 6,154,000 
 FY08Q4  4-30-08 6,159,000  
 FY09Q1  7-31-08 5,086,000 
 FY09Q2 10-31-08 4,497,000 
 FY09Q3  1-31-09 3,332,000 
 FY09Q4  4-30-09 3,609,000 
 FY10Q1  7-31-09 2,428,000 
 FY10Q2 10-31-09 2,787,000 
 FY10Q3  1-31-10 1,538,000 
 FY10Q4  4-30-10 7,741,000 
 FY11Q1  7-31-10 7,695,000 
 FY11Q2 10-31-10 7,513,000 
 FY11Q3  1-31-11 8,929,000 
 FY11Q4  4-30-11 10,014,000 
 FY12Q1  7-31-11 8,092,000 
 FY12Q2 10-31-11 12,055,000 
 FY12Q3  1-31-12 11,090,000 
 FY12Q4  4-30-12 10,882,000 
 FY13Q1  7-31-12 7,664,000 
 FY13Q2 10-31-12 8,753,000 
 FY13Q3  1-31-13 4,914,000 
 FY13Q4  4-30-13 8,449,000 
 . 
 = = = = = = =  
 OPER. CASH BURNS* BY QTR(FROM THE 10-Q/K’S): 
 FY10Q1  7-31-09  2,024,000 (from 10Q pg.25)    
 FY10Q2 10-31-09  2,351,000 (Q1+Q2: 4,375,000 pg.28)   
 FY10Q3  1-31-10  1,158,000 (Q1+Q2+Q3: 5,533,000 pg.30) 
 FY10Q4  4-30-10  6,375,000 (FY’10: 11,908,000 10K pg.58) 
 FY11Q1  7-31-10  6,567,000 (from 10Q pg.24) 
 FY11Q2 10-31-10  6,167,000 (Q1+Q2: $12,734,000 pg.25) 
 FY11Q3  1-31-11  7,736,000 (Q1+Q2+Q3: $20,470,000 pg.26) 
 FY11Q4  4-30-11  8,961,000 (FY’11: 29,431,000 10K pg.54) 
 FY12Q1  7-31-11  6,984,000 (from 10Q pg.25) 
 FY12Q2 10-31-11 11,668,000 (Q1+Q2: 18,652,000 pg.25) 
 FY12Q3  1-31-12  8,490,000 (Q1+Q2+Q3: 27,142,000 pg.25) 
 FY12Q4  4-30-12 11,265,000 (FY’12: 38,407,000 10K pg.55) 
 FY13Q1  7-31-12  6,742,000 (from 10Q pg.21) 
 FY13Q2 10-31-12  6,162,000 (Q1+Q2: 12,904,000 pg.23) 
 FY13Q3  1-31-13  3,597,000 (Q1+Q2+Q3: 16,501,000 pg.23) 
 FY13Q4  4-30-13  7,053,000 (FY’13: 23,554,000 10K pg.60) 
 FY’09 total Op-Burn:  $14,715,000 
 FY’10 total Op-Burn:  $11,908,000 
 FY’11 total Op-Burn:  $29,431,000 
 FY’12 total Op-Burn:  $38,407,000 
 FY’13 total Op-Burn:  $23,554,000 

*The 10-Q’s define OPER.BURN as, ”Net cash used in operating activities before chgs. in operating assets & liabilities”.
The 7-21-2001 10Q explains OP.BURN very nicely:
“RESULTS OF OPERATIONS. Before we discuss the Company's total expenses (cash & non-cash expenses), we would like to discuss the Company's operational burn rate (cash expenses used in operations, net of interest and other income) for q/e July 31, 2001 compared to the same period in the prior year. The operational burn rate is calculated by taking the net income (loss) from operations and subtracting all non-cash items, such as the recognition of deferred license revenue, depreciation and amortization and stock-based compensation expense.”
.
- - - - - - - - PPHM’s Fiscal Qtr’s (FY runs May – April):
FY’10-Q3 = q/e 1-31-10 – rep. 3-11-10 Thu (B4 mkt)
FY’10-Q4 = q/e 4-30-10 – rep. 7-14-10 Wed (after mkt)
FY’11-Q1 = q/e 7-31-10 – rep. 9-9-10 Thu (after mkt)
FY’11-Q2 = q/e 10-31-10 – rep. 12-9-10 Thu (after mkt)
FY’11-Q3 = q/e 1-31-10 – rep. 3-11-11 Fri (after mkt)
FY’11-Q4 = q/e 4-30-11 – rep. 7-14-11 Thu (after mkt)
FY’12-Q1 = q/e 7-31-11 – rep. 9-9-11 Fri (B4 mkt)
FY’12-Q2 = q/e 10-31-11 – rep. 12-12-11 Mon (after mkt)
FY’12-Q3 = q/e 1-31-12 – rep. 3-9-12 Fri (after mkt)
FY’12-Q4 = q/e 4-30-12 – rep. 7-16-12 Mon (after mkt)
FY’13-Q1 = q/e 7-31-12 – rep. 9-10-12 Mon (B4 mkt)
FY’13-Q2 = q/e 10-31-12 – rep. 12-10-12 Mon (after mkt)
FY’13-Q3 = q/e 1-31-13 – rep. 3-12-13 Tue (after mkt)
FY’13-Q4 = q/e 4-30-13 – rep. 7-11-13 Thu (after mkt)