Had a closer look at this this morning...PIQ will have to come back to market for a cap raise soon with $3.3m of cash remaining and a net quarterly burn of c.$1.3m.
Doing some quick math, this appears to be a normal quarter for PIQ if you remove the noise of the R&D incentive. A normal quarter looks like $1.6m outgoings, offset by c.$0.35 receipts.
You take with a grain of salt the 'the estimated quarters of funding remaining' in these cashflow statements, but 2.6 quarters in the case of PIQ looks like an accurate estimate.
I am therefore factoring in a cap raise at the end of Q2 into my considerations and reserving some dry powder for that eventuality. I'm expecting good news on manufacturing and endometriosis (in that order) which will front run a trading halt and quick fire institutional offering. Hopefully enough to kick the VWAP back above $1 to offset the difficult macro setting that is playing out.
PIQ Price at posting:
$1.01 Sentiment: Hold Disclosure: Held
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