Fundamentals Are Strong, page-222

A quick patent search shows that MYX does in fact have IP - it's also got an R&D budget of $100mln a year - up for $30mln - thanks in part to the strong cashflows from Teva. Obviously a whole bunch of it's intangible assets are "permits" from FDA and the like.

The Goodwill section of the balance sheet is high, yes, but that's a function of the GAAP - the account standards hold that when you buy a thing for more than it's tangible asset value, you have to record the difference as Good will, which is then amortized. The Teva portfolio was acquired for about 6x earnings - so thanks to the Generally Accepted Accounting Principles, we see a rise in "Goodwill", but in reality it's the cost of the annuity cash flow, which will be "paid off" in six years.

But even if the TEVA portfolio only produces half the cash it's projected to produce, which frankly is a ridiculous scenario, the annuity would still pay for itself in 12 years.

If you really believe MYX is worth 50 cents per share, it would be foolish not to buy the short warrants.