what it really needs is the details of Janssens deal released which unfortunately is not yet as the option is still in discussion to expand it to 10 candidates allthough from the inital release it seemed to imply it will be once extensions are finalised - that is a MONSTER deal but at this point it still remains to be seen. The closest we get is DW's words in the update earlier this year "the proposed terms are commensurate with other multi-product drug discovery deals of this size and scope." Now we all know to well that the scope of this deal is very similar although potentialy much larger than Aileron's Roche deal last year $1.1B based on 5 undisclosed targets - so while without doubt still speculative until details are released but potentiall multi billions in milestones between PYC & Janssen. Each deal so far milestones have grown but even using Pfizers most recent collaboration figure of $135M for 1 candidate implys that 10 targets is potentialy $1.35B for Janssen.
As for cash sustainablity i think we might just squeeze another break even quarter ? (could be wrong) although the deal targets failed to materialize by June 30th payments received might not be to far off + Janssens continued funding over 18 months for their project is a big cash saving.
Anyway only time will tell
PYC Price at posting:
3.8¢ Sentiment: None Disclosure: Held
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