We didn't switch, the Samsung agreement was non-ex
Post# of 154703
(Total Views: 1051)
Posted On: 11/28/2023 6:52:18 PM
Re: HouseofCards #139319
We didn't switch, the Samsung agreement was non-exclusive and Samsung stopped all manufacturing almost 2 years ago. I believe AGC continued to manufacture leronlimab after the Samsung deal was signed and maybe they are back in the fold.
The questions wrt Samsung now are how much are we on the hook for and what kind of payment schedule can be worked out. Past due was $33 million as of August, which sounds like a lot but a long-term payment schedule (especially if it was adjusted for milestones) could make it doable.
There are still insanely big money commitments to Samsung for future years but they're not making product anymore and the 10Q states that monetary commitments for unmade product have not been accruing (I think "continued postponement of manufacturing" in the 8K refers to these future commitments) so why pay for product that will never be made. Filings have mentioned Samsung's suppliers so maybe there's pressure from them but leronlimab will never be made by Samsung again and hasn't been for almost 2 years.
Hard to overstate how much Nader's shadow still looms over the company.
The questions wrt Samsung now are how much are we on the hook for and what kind of payment schedule can be worked out. Past due was $33 million as of August, which sounds like a lot but a long-term payment schedule (especially if it was adjusted for milestones) could make it doable.
There are still insanely big money commitments to Samsung for future years but they're not making product anymore and the 10Q states that monetary commitments for unmade product have not been accruing (I think "continued postponement of manufacturing" in the 8K refers to these future commitments) so why pay for product that will never be made. Filings have mentioned Samsung's suppliers so maybe there's pressure from them but leronlimab will never be made by Samsung again and hasn't been for almost 2 years.
Hard to overstate how much Nader's shadow still looms over the company.
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