Those recognised losses (resulting in tax credit of $17m) would be likely to offset the milestone payments tax liabilities. That's my estimate: around $47m income tax payable on these two US$50m payments, one received today, the one to come this quarter, so net income tax payable for the US$100m revenue, would be around A$30m. Therefore, the net cash position after income tax, would be around $330m. That's far enough for PMS phase 3 trial which is likely to cost around US$100m.
Bear in mind, NEU is still to receive royalties and milestone payments in the future.
All imo.
Ann: Type C Meeting granted by FDA for Phelan-McDermid syndrome, page-33
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