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Posted On: 05/12/2019 1:17:28 PM
Post# of 329
Well, they failed in the launch of their FDA approved drug COPIKTRA (3rd line for CLL/SLL/FL). Only 1.3 and 1.7 in Q4 and Q1. They did a convertible note deal when SP was 7. They have 210m cash (most of it debt) left, but a burn rate of 35m per quarter currently.
It seems that unless sales pick up significantly in Q3 and Q4, they will need to dilute massively at these levels end of next year which would be their doom.
They have a FAK-inhibitor left in their pipeline, defactinib, which is tested in many relatively early trials, results of which are due this year, but odds of success are very small.
Copiktra seems to be promising in combos and front-line PTCL (unmet need), but data are still a bit away.
It's a pity, actually. The convertible note deal in combination with too much cash burn, lackluster sales, killed them IMO. I have a small position in them, and am somewhat tempted to double down, but I don't see how they will manage to survive with that huge cashburn. On the other hand, they have about 140m in milestone payments outstanding from Yakult in Japan and CPSP in China.
It seems that unless sales pick up significantly in Q3 and Q4, they will need to dilute massively at these levels end of next year which would be their doom.
They have a FAK-inhibitor left in their pipeline, defactinib, which is tested in many relatively early trials, results of which are due this year, but odds of success are very small.
Copiktra seems to be promising in combos and front-line PTCL (unmet need), but data are still a bit away.
It's a pity, actually. The convertible note deal in combination with too much cash burn, lackluster sales, killed them IMO. I have a small position in them, and am somewhat tempted to double down, but I don't see how they will manage to survive with that huge cashburn. On the other hand, they have about 140m in milestone payments outstanding from Yakult in Japan and CPSP in China.
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