OPT opening price post-CR, page-8

It may indeed open sub-40c mostly due to a) the impact of the 1-3 free options and b) the fact the dilution event is 86%.

On the flip side - an overly simplistic way of looking at it, but at the closing market cap (A$321M) less my estimate* of their 31/5 cash position (A$98.5M) had them sitting at an EV of A$223M. Post raise, using their TERP of 0.446, it'd be market cap of A$547.8M less proforma cash (A$308) for an EV of A$240M so not too dissimilar to the post-close EV. However, I'm not at all experienced in biotech and I'm not certain that's the right way to think about it, as these businesses are cash hungry so it's not really an 'asset' for long. I think the amount of options being issued also changes the game a bit here.

Did it get hammered after the last raise, is that why the dip into the 30's last October? I haven't followed it closely.

*this estimate is based on their closing 31/3 cash of US$101M, less 66% of their March quarterly cash burn, for a 31/5 cash position of US$65M, converted to A$ at 0.66