Now that big news is processed by the market and volume getting back to normal I have looked forward to what the cash position would look like in 12 months time.
Current cash burn: $16M p.a
I dont see this changing much as restructuring largely done (albeit a small reduction in employee costs due to EU branch closure)
Current Cash: $62M
Therefore, cash at 31-Mar-16 would be $46M or 14.6cps
Looking at the key events in that timeframe...
2015
- PXS4728A Phase 1 Reports
- LOXL2 – lead candidate identified
- CF303 fully recruited
2016
- LOXL2 – lead candidate into preclinical
- LOXL2 – start phase 1
- CF303 – last patient completes trial
- CF303 – reports & file with FDA
Apart from CF303 results and filing (likely to end of 2016), I cannot see too many catalysts in this period. 2017 is a different story altogether.
The market is always forward looking therefore 24-26c valuation is justified given there would be no cash or potential cash coming in for 18months+
Now that big news is processed by the market and volume getting...
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