does not compute

Before the BARDA funding grant the share price was roughly $1. Even though this stockmarket is totally irrational, it is rational to say that the BARDA funding was NOT built into that low, suppressed shareprice of $1

Now we have $250 million BARDA funding and the shareprice has increased 30 cents to now be at around $1.30. Biota's market capitalisation has increased from $185 million to $240 million.

So a $250 million BARDA grant (with the end major 'prize' being the preferred supplier of the very significant US government stockpiling market) is valued today by the stockmarket to be worth $55 million.

$250 million + $x = $55 million

Does not compute

$250 million BARDA grant + future Inavir stockpiling dollars + strong advanced pipeline of 3 drugs + Inavir Japan royalties + Relenza royalties + $90 million cash in bank equals $??????, however current Market cap = $240 million

Does not compute

Sticklers may 'discount' that 250 million because it is over five years, but it still does not compute.