| From: A.J. Mullen | 10/21/2022 11:02:34 AM | | | | | | Immunic (IMUX) dropped 78% today to $2.04, which takes its cap to less than cash on hand according to Yahoo. The drop is due an announcement that an interim look at a Phase 1 trial showed no separation of the treatment arm from placebo at 28 days.
It's one drug, one indication (moderate-severe psoriasis). The same drug is in Phase 1 for Prostate Cancer. Another drug is in three trials: Phase 3 for relapsing MS, Phase 2 for progressive MS and Phase 2 for another disease. Finally, they have a third drug in Phase 1 against Celiac Disease. |
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| To: bmaz001 who wrote (627) | 1/6/2023 4:53:17 PM | | From: Area51 | | | | That was a nice list you did last year (although I suspect most people buying from it in January 22 didn't profit much). Are you going to update it this year?
One that I follow is PASG that has been mentioned in this thread before. As of Q3 2022 they had 213 million cash and marketable securities; 46 million in total liabilities; 54 million shares. So (cash - total liabilities) / shares = about 3.30 and now trading 1.88 after closing 2022 at 1.38. (PASG was on your list last year but last January was trading over $6). Do people see better values than that? Always good to diversify because a decent percentage of these will likely run out of cash before they ever generate significant revenue. |
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| To: Area51 who wrote (670) | 1/6/2023 5:23:18 PM | | From: Area51 | | | | I looked at 3 I have small positions in: (TL = total Liabilities)
| | (cash-TL)/ shares | price | discount | | FIXX | 2.48 | 1.58 | 36% | | BDTX | 2.69 | 2.06 | 24% | | PASG | 3.28 | 1.88 | 43% | |
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| To: bmaz001 who wrote (672) | 1/11/2023 2:33:55 PM | | From: Area51 | | | | Thanks. Do you (or other thread followers) have some favorites per chance? Something that not only trades below Net current asset value, but also has good prospects for being profitable in the not so distant future?
Failing that if we assume they have no debt (not always true) I guess we can look at (market cap - Enterprise Value)/ market cap and sort on the result and look at the top 10 or 20. Would help if the spreadsheet would let us copy and paste it to an excel spreadsheet, but that ability seems to be disabled? Too many listed for me to do a 100% review I think <g>. |
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| To: Area51 who wrote (673) | 1/11/2023 3:21:19 PM | | From: bmaz001 | | | | I've unlocked the 'Less Than Cash' workbook so you can download it to Excel or copy-n-paste into your own Google Sheets space.
I don't have any favorites to share but you might consider looking at some of the portfolios that were entered for the '2023 Biotech Charity Contest' subject here on SI. |
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| To: Area51 who wrote (673) | 1/16/2023 1:15:11 PM | | From: Bladerunner17 | | | | From the list I own CRDF and CRIS. Needless to say, I've gotten killed on both of them, but I still like their prospects.
Bladerunner |
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| To: bmaz001 who wrote (674) | 2/6/2023 12:25:07 PM | | From: Area51 | | | | Thanks! Great list. When I did sort the list (by an estimate of cash/ market-cap) I think IMAB and GRCL (Chinese listed) came out on top. But likely in error, as IMAB had 574 million in cash in USD as of last report so highly unlikely that their EV is negative 3400 million as the spreadsheet lists (They do have about 3900 million cash in RMB so maybe that is what the spreadsheet is pulling in for cash?). I still bought a (very) little IMAB today as it fell to the $5 area.
top of sorted list based on early january market cap:
| Ticker | Country | Market Cap (M) | EV | Cash (Est) | Short % of Float | Cash (% of MC) | | GRCL | China | 150.3 | -1275.6 | 1425.9 | | 949% | | IMAB | China | 442.9 | -3375.3 | 3818.2 | | 862% | | NEXI | United States | 9.4 | -35.3 | 44.7 | 1.80% | 476% | | SGTX | United States | 11.7 | -36 | 47.7 | 0.80% | 408% | | NXTC | United States | 44.2 | -125.1 | 169.3 | 1.50% | 383% | | TALS | United States | 50.5 | -140.3 | 190.8 | 3.70% | 378% | | ELEV | United States | 21.2 | -57.4 | 78.6 | 0.30% | 371% | | ENVB | United States | 5.8 | -15.3 | 21.1 | 2.20% | 364% | | AMPE | United States | 4.5 | -11.7 | 16.2 | 1.50% | 360% | | PYXS | United States | 51.2 | -131.2 | 182.4 | 1.80% | 356% | | ACHL | United Kingdom | 48.7 | -122.2 | 170.9 | | 351% | | LMNL | Canada | 11.3 | -27.9 | 39.2 | 0.10% | 347% | | SLRX | United States | 5 | -11.9 | 16.9 | 1.60% | 338% | | BLCM | United States | 8.5 | -20.2 | 28.7 | 1.40% | 338% | | SRZN | United States | 21.5 | -50.8 | 72.3 | 0.60% | 336% | | SNPX | United States | 7.9 | -18.5 | 26.4 | 6.20% | 334% | | CELZ | United States | 6.6 | -15.4 | 22 | 1.40% | 333% | | MGTA | United States | 30.3 | -67.2 | 97.5 | 10.20% | 322% | | TCRX | United States | 32.9 | -70.5 | 103.4 | 0.90% | 314% | | MEIP | United States | 40 | -84.7 | 124.7 | 2.60% | 312% | | AEZS | United States | 17.4 | -36.3 | 53.7 | 2.00% | 309% | | AVRO | United States | 37.8 | -78.2 | 116 | 0.60% | 307% | |
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