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Posted On: 01/08/2021 1:54:18 PM
Post# of 148902
Re: ClosetInvestor #71922
Bottom of page 37 Current 10Q Nov.30.
Under the Samsung Agreement, the purchase order is binding and the Company is obligated to pay the full amount of the purchase order, and make specified minimum purchases of leronlimab from Samsung pursuant to forecasted requirements which the Company is required to provide to Samsung.
The first forecast scheduled 11 manufacturing batches setting forth the total quantity of commercial grade leronlimab the Company expects to require
during calendar year 2020, as of the quarter ended November 30, 2020 all batches were substantially complete. The Company estimates initial ramp-up costs to manufacture commercial grade leronlimab at scale could total approximately $127 million, with approximately $64 million payable over the
course of calendar year 2020, of which $45 million has been paid as of the date of this filing, approximately $37 million payable during calendar year
2021, and approximately $26 million payable in calendar year 2022. Thereafter, the Company will pay Samsung per 15,000L batch according to the pricing terms specified in the Samsung Agreement.
127total less 45 paid = 82 balance.
64 was due less 45 paid = 19 balance
19 + 37 + 26 = 82
Compared to page 23 of PRIOR 10Q August 31.
The Company estimates initial ramp-up costs to manufacture commercial grade leronlimab at scale could total approximately $112 million, with approximately $65 million payable over the course of calendar 2020, of which $37 million has been paid as of the date of this filing, and approximately $24 million payable during calendar 2021, and approximately $23 million payable in January of 2022. Thereafter, the
Company will pay Samsung per 15,000L batch according to the pricing terms specified in the Samsung Agreement. The Samsung Agreement has an initial term ending in December 2027 and will be automatically extended for additional two-year periods unless either party gives notice of termination at least six months prior to the then current term. Either party may terminate the Samsung Agreement in the event of the other party’s insolvency or uncured material breach, and the Company may terminate the agreement in the event of a voluntary or involuntary complete market withdrawal of leronlimab from commercial markets, with one and half year’s prior notice. Neither party may assign the agreement without the consent of the other, except in the event of a sale of all or substantially all of the assets of a party to which the agreement relates.
The amount paid has moved up from $37M to $45M. Seems like an extension on the payable was negotiated.
Under the Samsung Agreement, the purchase order is binding and the Company is obligated to pay the full amount of the purchase order, and make specified minimum purchases of leronlimab from Samsung pursuant to forecasted requirements which the Company is required to provide to Samsung.
The first forecast scheduled 11 manufacturing batches setting forth the total quantity of commercial grade leronlimab the Company expects to require
during calendar year 2020, as of the quarter ended November 30, 2020 all batches were substantially complete. The Company estimates initial ramp-up costs to manufacture commercial grade leronlimab at scale could total approximately $127 million, with approximately $64 million payable over the
course of calendar year 2020, of which $45 million has been paid as of the date of this filing, approximately $37 million payable during calendar year
2021, and approximately $26 million payable in calendar year 2022. Thereafter, the Company will pay Samsung per 15,000L batch according to the pricing terms specified in the Samsung Agreement.
127total less 45 paid = 82 balance.
64 was due less 45 paid = 19 balance
19 + 37 + 26 = 82
Compared to page 23 of PRIOR 10Q August 31.
The Company estimates initial ramp-up costs to manufacture commercial grade leronlimab at scale could total approximately $112 million, with approximately $65 million payable over the course of calendar 2020, of which $37 million has been paid as of the date of this filing, and approximately $24 million payable during calendar 2021, and approximately $23 million payable in January of 2022. Thereafter, the
Company will pay Samsung per 15,000L batch according to the pricing terms specified in the Samsung Agreement. The Samsung Agreement has an initial term ending in December 2027 and will be automatically extended for additional two-year periods unless either party gives notice of termination at least six months prior to the then current term. Either party may terminate the Samsung Agreement in the event of the other party’s insolvency or uncured material breach, and the Company may terminate the agreement in the event of a voluntary or involuntary complete market withdrawal of leronlimab from commercial markets, with one and half year’s prior notice. Neither party may assign the agreement without the consent of the other, except in the event of a sale of all or substantially all of the assets of a party to which the agreement relates.
The amount paid has moved up from $37M to $45M. Seems like an extension on the payable was negotiated.
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