bioshares, page-2

“At the end of the first quarter of this financial year, the company had an estimated $70
million in cash assets following the final litigation receipts and expenses. We estimate the company has a further $80 million in revenue from Relenza royalties to flow over the next five years, with its patent expiring on 26 July 2013 in the US according to a Wilson HTM report, which includes a 633 day patent extension.”


This gives 1.3 million in revenues per month

Cash burn is 1.9 million per month

Cash in bank is 55M

Capital = 55M - (1.3M – 1.9M)* months

Time-to-live = 55/(1.3-1.9) = 7.6 years assuming the pipeline is worthless, that directors don’t keep plundering the kitty and nothing gets distributed to shareholders by way of dividend.

However note that is a report funded by Biota and so to be taken with a grain of salt.