Silicon Investor - Biotech for less than cash value

[JamesK] EDIT is certainly below cash value. Feels like the worst biotech bear ever. Almo...

JamesK — 4/7/2025 5:49:19 PM

EDIT is certainly below cash value. Feels like the worst biotech bear ever. Almost all down since 2021. Did start to do better in the fall. Then the election happened.

[scaram(o)uche] Market size addressed here, also from Matt..... mattbiotech.substack.com

scaram(o)uche — 4/3/2024 2:34:30 PM

[scaram(o)uche] We usually look for negative EVs after a prolonged sector drought. But we've ha...

scaram(o)uche — 4/3/2024 2:25:58 PM

We usually look for negative EVs after a prolonged sector drought. But we've had good sector performance since November, with exception of a recent rough spot.

Matt Gamber at Twitter has looked for negative EVs under these circumstances.....

twitter.com

(thread)

Of those issues he mentions, I took a position in CMRX. Yeah, the same CMRX that brought such CMV-related misery to investors.

ONC201 for recurrent H3 K27M-mutant high-grade glioma, a molecule derived from the Oncoceutics munch. Observed toxicity in trials to date, but nothing that has derailed it.

https://aacrjournals.org/cancerdiscovery/article/13/11/2370/729854/Clinical-Efficacy-of-ONC201-in-H3K27M-Mutant

This position was taken without knowledge of market size, the difficulty penetrating it, or competitors addressing it.

[JamesK] They are all so beaten down. I'm sure in five years they'll be so many, "I shoul...

JamesK — 10/30/2023 6:31:52 PM

They are all so beaten down. I'm sure in five years they'll be so many, "I should have bought that one".

There are so many of these cell therapy companies, having a hard time knowing which to pick. They are starting to show some promise in treating autoimmune diseases with CAR-T.

[A.J. Mullen] Fate is interesting. I was tempted before the sell-off. It’s working on exci...

A.J. Mullen — 10/29/2023 6:01:50 PM

Fate is interesting. I was tempted before the sell-off. It’s working on exciting stuff – off-the-shelf immunotherapies. At the beginning of the year, it chose to end rather than revise a collaboration with J&J which resulted in a termination fee to Fate of over $50m. They also announced a 50% reduction in headcount. It said it aimed to have a runway through 2025. Its cash is now approximately twice its current free-cash flow (including the termination fee).

Ashley

[JamesK] FATE is another one that experienced a large loss after attaining a huge market ...

JamesK — 10/28/2023 3:59:18 PM

FATE is another one that experienced a large loss after attaining a huge market cap. Serious wealth destruction. Cash is more than twice it's current market cap.

[JamesK] One that makes your list due to its decline is KOD. Has like cash 4 times market...

JamesK — 10/23/2023 7:45:52 PM

One that makes your list due to its decline is KOD. Has like cash 4 times market cap. Market cap used to be $8 Billion. Has to be one of the worst biotech implosions.

[Area51] Thanks! Great list. When I did sort the list (by an estimate of cash/ market-cap...

Area51 — 2/6/2023 12:25:07 PM

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%

[scaram(o)uche] On topic, follow this link (hope it works!) and be sure to follow the link in Wi...

scaram(o)uche — 2/3/2023 12:59:15 PM

On topic, follow this link (hope it works!) and be sure to follow the link in Wilson Cheung's response.....

twitter.com

[Bladerunner17] From the list I own CRDF and CRIS. Needless to say, I've gotten killed on both o...

Bladerunner17 — 1/16/2023 1:15:11 PM

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

[bmaz001] I've unlocked the 'Less Than Cash' workbook so you can download it to Excel or c...

bmaz001 — 1/11/2023 3:21:19 PM

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.

[Area51] Thanks. Do you (or other thread followers) have some favorites per chance? Somet...

Area51 — 1/11/2023 2:33:55 PM

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>.

[bmaz001] Here you go. Happy trading. Below Cash as of 2023-01-06

bmaz001 — 1/9/2023 6:44:56 AM

[Area51] I looked at 3 I have small positions in: (TL = total Liabilities) (cash-TL)/ ...

Area51 — 1/6/2023 5:23:18 PM

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%

[Area51] That was a nice list you did last year (although I suspect most people buying fr...

Area51 — 1/6/2023 4:53:17 PM

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.

[A.J. Mullen] Immunic (IMUX) dropped 78% today to $2.04, which takes its cap to less than cash...

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.

[rkrw] A pyrrhic victory!

rkrw — 10/3/2022 11:39:41 AM

[DewDiligence_on_SI] The 667% premium is the highest I've ever seen in a biotech buyout, but it's a 4...

DewDiligence_on_SI — 10/3/2022 10:36:50 AM

The 667% premium is the highest I've ever seen in a biotech buyout, but it's a 44% discount to LOGC's 12m high and a whopping 79% discount to LOGC's 2018 IPO.

[rkrw] Miracles can happen, #11 on the list, LOGC acquired by AZN at a 600%+ premium, b...

rkrw — 10/3/2022 9:48:42 AM

Miracles can happen, #11 on the list, LOGC acquired by AZN at a 600%+ premium, but still a smidge below what it started the year at.

[rkrw] Median name was down 50.2% on the year as of that cut, with very few stocks up o...

rkrw — 9/27/2022 5:14:57 PM

Median name was down 50.2% on the year as of that cut, with very few stocks up on the year. Just 6 stocks have doubled vs 25 down 90% or more.

At least one got munched for their cash on hand in TYME. I'm sure they'll be more where that came from. Perhaps some activists will come alive too and try to shut companies down and distribute the remaining cash.

Also seeing some of the lovely companies trading well below cash, raising cash.

[Steve Lokness] Oh my gosh! Look at how bad it is now compared to January; Message 33681925 Got...

Steve Lokness — 9/27/2022 4:56:00 PM

Oh my gosh! Look at how bad it is now compared to January;
Message 33681925

Got to be some of these that could merge together and have cash to get through the doldrums I would think. I have been picking up a few just recently - which hasn't proven to be a good decision ...............at least yet.

[rkrw] Below is through 9/23. Bladerunner has kindly volunteered to contribute and alph...

rkrw — 9/27/2022 4:29:22 PM

Below is through 9/23. Bladerunner has kindly volunteered to contribute and alphabetize this.

Virtually all of the below are updated through Q2. This is not net of debt, some are buried in debt. Some may be well below cash now but with ongoing spend will soon be well below or even out of cash.
222 names.

Company	%C
Adxs,	744%
Tnxp,	599%
Sgtx,	544%
Kala,	541%
Cbio,	510%
Caba,	508%
Elev,	462%
Oncr,	452%
Avro,	435%
Tlis,	406%
Logc,	397%
Pte,	381%
Cfrx,	375%
Agtc,	373%
Afib,	364%
Obsv,	353%
Phge,	349%
Itrm,	346%
Vinc,	346%
Pyxs,	345%
Nbrv,	340%
Algs,	336%
Bolt,	335%
Pasg,	334%
Otic,	332%
Pulm,	329%
Imnn,	328%
Crbp,	322%
Acor,	317%
Ruby,	314%
Vyne,	309%
Nltx,	306%
Aytu,	306%
Amam,	301%
Vblt,	299%
Cala,	299%
Aptx,	298%
Mtcr,	297%
Aezs,	297%
Fbio,	291%
Xcur,	284%
Prqr,	281%
Frtx,	281%
Harp,	279%
Tcrr,	278%
Sprb,	277%
Sldb,	276%
Tpst,	265%
Meip,	262%
Qtnt,	257%
Mtem,	257%
Siox,	252%
Hgen,	251%
Fixx,	250%
Htgm,	247%
Akba,	243%
Advm,	242%
Glmd,	242%
Surf,	240%
Ctmx,	238%
Plxp,	236%
Snti,	234%
Snse,	233%
Ubx,	231%
Ontx,	231%
Dffn,	229%
Gray,	227%
Nxtc,	220%
Fusn,	220%
Mbio,	217%
Nbse,	214%
Bxrx,	214%
Amti,	212%
Atha,	211%
Cntx,	210%
Rmti,	210%
Cdak,	210%
Bdtx,	209%
Angn,	203%
Slrx,	203%
Elox,	203%
Glyc,	202%
Olma,	202%
Tals,	201%
Agle,	200%
Lsta,	196%
Nviv,	195%
Xbit,	194%
Jspr,	193%
Cemi,	192%
Sesn,	192%
Evok,	190%
Pepg,	190%
Pali,	189%
Xlo,	189%
Dtil,	189%
Vrpx,	188%
Icvx,	186%
Cocp,	186%
Eldn,	185%
Onct,	184%
Rgls,	184%
Gmtx,	182%
Frln,	180%
Grph,	179%
Cycc,	178%
Rdhl,	177%
Hepa,	177%
Asln,	177%
Achl,	176%
Vlon,	176%
Sttk,	176%
Uncy,	175%
Epix,	175%
Rcor,	174%
Trvn,	174%
Crdf,	173%
Tcrx,	172%
Bysi,	171%
Cyto,	171%
Eftr,	171%
Atnx,	171%
Cmmb,	170%
Hypr,	168%
Oric,	168%
Alrn,	167%
Bcel,	167%
Tara,	165%
Fbrx,	165%
Prds,	165%
Psnl,	163%
Mgta,	162%
Freq,	162%
Casi,	162%
Arav,	161%
Crvs,	161%
Blcm,	159%
Elym,	158%
Cris,	157%
Nuvb,	157%
Glpg,	156%
Indp,	156%
Sybx,	156%
Zyne,	155%
Syrs,	155%
Sqz,	154%
Asmb,	154%
Spro,	153%
Blph,	152%
Lian,	150%
Nhwk,	147%
Cgen,	147%
Grcl,	146%
Ikna,	146%
Ivvd,	145%
Vtgn,	145%
Dmtk,	144%
Prax,	143%
Abio,	143%
Onvo,	142%
Kron,	142%
Tyme,	141%
Ktra,	141%
Avir,	140%
Lbph,	140%
Isr,	140%
Rphm,	139%
Slno,	138%
Clxt,	138%
Bntc,	135%
Icpt,	135%
Ekso,	134%
Tnya,	134%
Ayla,	133%
Adap,	132%
Lvtx,	130%
Nvta,	129%
Kod,	129%
Inzy,	127%
Grtx,	124%
Fhtx,	124%
Fnch,	124%
Cntb,	122%
Aplt,	121%
Mor,	120%
Dbtx,	119%
Npce,	119%
Wint,	118%
Pypd,	118%
Ovid,	117%
Cnta,	117%
Ltrn,	117%
Akus,	117%
Lab,	116%
Evfm,	116%
Idra,	116%
Agrx,	116%
Autl,	116%
Alec,	115%
Itos,	115%
Qtrx,	115%
Hook,	115%
Dmac,	113%
Gbio,	112%
Scyx,	112%
Apto,	111%
Jnce,	110%
Dnay,	110%
Abos,	110%
Rzlt,	109%
Qsi,	108%
Rpid,	107%
Life,	106%
Nktr,	106%
Atra,	105%
Tmbr,	104%
Blrx,	103%
Apre,	103%
Clls,	102%
Stro,	102%
Xfor,	101%
Tenx,	100%

[Bladerunner17] What are the latest stats for companies trading for less than cash? Alphabetica...

Bladerunner17 — 9/26/2022 4:37:14 PM

What are the latest stats for companies trading for less than cash? Alphabetical order would be useful.

Thanks.

Bladerunner

[A.J. Mullen] NVTA is interesting. Nearly $900m cash but the free cash flow is $-617m. The ma...

A.J. Mullen — 5/23/2022 1:54:13 PM

NVTA is interesting. Nearly $900m cash but the free cash flow is $-617m.
The market cap is $825m. The stock price is down 90% in a year.

[A.J. Mullen] NWBO: the market cap was a surprise given it's (now) trading for pennies, but th...

A.J. Mullen — 5/11/2022 12:39:21 PM

NWBO: the market cap was a surprise given it's (now) trading for pennies, but there's nearly a billion shares outstanding.

I'm still puzzled regarding the boost then fizzle of interest. Did the public presentation yesterday dashed rumours?

[rkrw] That was more timely than I could have known on NWBO :) Negative tech value lea...

rkrw — 5/10/2022 9:09:29 PM

That was more timely than I could have known on NWBO :)

Negative tech value leaders

GLPG a whopping $1.72b (through Q4)
KOD: -$388m (through Q1)
ADGI: -$283m (through Q4)
MOR: -$248m (through Q1)
CNTB: -$232m (through Q4)
SBTX -$212m (through Q4)
AVIR: -$209m (through Q1)

[rkrw] NWBO $1.8b market cap, $15m in cash, #3 performer on the year :)

rkrw — 5/9/2022 11:48:52 PM

[DewDiligence_on_SI] This board should be closed and replaced by a board discussing biotechs trading ...

DewDiligence_on_SI — 5/9/2022 10:47:33 PM

This board should be closed and replaced by a board discussing biotechs trading for MORE than cash value.

[rkrw] Some not so fun stats on this bear mauling My database has 640+ names Median 2...

rkrw — 5/9/2022 9:08:02 PM

Some not so fun stats on this bear mauling

My database has 640+ names

Median 2022 YTD -49.1% (on top of -42.2% last year)

For 2022:
41 names are up any amount
602 down
3 have 2x (nvct, trvi, nwbo)
11 are up 30% or more

317 down 50% or more
185 down 60% or more
87 down 70% or more
27 down 80% or more

255 names sub cash (39.6%)-- ***most not updated for Q1 cash mind you
~100 at half cash
~40 at 1/3rd cash
14 at 1/4th of cash

41 of the 42 lowest market cap names are sub cash, tells you the market isn't expecting any of them to stick around long.

Cumulatively down $224b which understates it by some billions as new names have been added for IPO's etc.

[JamesK] IMVT now MC $513m CASH $531m

JamesK — 4/28/2022 10:50:00 AM

[JamesK] BCAB now well under cash. 245 CASH 193 MC $76 for 52 week high. Now around $5.

JamesK — 3/12/2022 12:38:32 PM

[JamesK] LIAN (Chinese) 408 MC 420 CASH

JamesK — 2/11/2022 9:03:18 PM

[JamesK] KRON close. 422 MC vs 398 cash.

JamesK — 2/9/2022 2:05:49 PM

[DewDiligence_on_SI] twitter.com

DewDiligence_on_SI — 1/28/2022 9:33:45 AM

[rkrw] Got to be a record, 139 at or sub cash, 155 if stretching it to 95% of cash. Tod...

rkrw — 1/27/2022 11:50:49 PM

Got to be a record, 139 at or sub cash, 155 if stretching it to 95% of cash. Todays valuation relative to Q3 cash, a couple with year-end, not factoring in debt loads (endp, acor in particular).

Some other stats. My database has 611 names.

44 are up, even counting by pennies
2, 40% or more, one doesn't really trade so a (possibly) fake price
4, 30% or more
7, 20% or more

This versus:
12 down 50% or more
57 by 40% or more
183 30% or more
379 20%, or more

Company	%C
Mtcr,	454%
Frln,	324%
Cbio,	357%
Avro,	261%
Imra,	261%
Cala,	260%
Sbtx,	244%
Xcur,	244%
Abeo,	243%
Pulm,	238%
Bcel,	238%
Kala,	238%
Sprb,	237%
Adxs,	237%
Sgtx,	236%
Gray,	234%
Tcrr,	233%
Ymtx,	232%
Tpst,	231%
Bolt,	228%
Clbs,	225%
Asmb,	225%
Advm,	224%
Fbrx,	222%
Endp,	220%
Abio,	215%
Hsto,	206%
Nerv,	204%
Nbrv,	201%
Algs,	201%
Achl,	201%
Hook,	189%
Crbp,	187%
Gmtx,	184%
Rgls,	181%
Tlis,	181%
Tnxp,	180%
Sldb,	179%
Cmpi,	177%
Glyc,	177%
Eldn,	174%
Atxs,	172%
Bdtx,	172%
Oncr,	172%
Epzm,	169%
Vyne,	166%
Aezs,	164%
Nxtc,	163%
Cnce,	163%
Acor,	162%
Ontx,	161%
Arav,	160%
Mreo,	159%
Ardx,	158%
Dffn,	157%
Htbx,	157%
Asln,	155%
Avir,	155%
Phge,	154%
Slrx,	153%
Caba,	152%
Cntx,	149%
Fbio,	149%
Clsn,	148%
Allk,	147%
Itrm,	145%
Lbph,	145%
Nviv,	143%
Ubx,	143%
Lumo,	142%
Grtx,	142%
Tara,	138%
Aplt,	138%
Ekso,	138%
Syrs,	137%
Pasg,	137%
Tern,	136%
Apre,	135%
Espr,	135%
Hepa,	134%
Alna,	134%
Cemi,	133%
Olma,	131%
Glmd,	131%
Glpg,	131%
Siox,	130%
Alrn,	130%
Plx,	129%
Cntb,	128%
Xfor,	128%
Akus,	128%
Cycn,	128%
Oncs,	128%
Elox,	127%
Sesn,	127%
Onvo,	126%
Aytu,	125%
Cycc,	125%
Mor,	123%
Agtc,	123%
Cocp,	122%
Blph,	122%
Fixx,	121%
Isr,	119%
Bbi,	119%
Sybx,	119%
Ctmx,	118%
Mrkr,	117%
Virx,	117%
Trda,	116%
Mbio,	116%
Wve,	115%
Mito,	115%
Idra,	115%
Gbio,	114%
Vygr,	114%
Dyn,	113%
Cdtx,	112%
Ovid,	112%
Cmmb,	110%
Ppbt,	109%
Eq,	107%
Slno,	106%
Htgm,	106%
Onct,	106%
Svra,	106%
Rdhl,	105%
Rzlt,	105%
Tsvt,	105%
Cbay,	104%
Mtem,	104%
Indp,	104%
Mgta,	103%
Sppi,	103%
Axla,	103%
Ltrn,	101%
Crxt.	101%
Novn,	100%
Fmtx,	99%
Crdf,	99%
Ocup,	99%
Blue,	99%
Lian,	98%
Pyxs,	98%
Aldx,	98%
Tmbr,	97%

Fstx,	97%
Lvtx,	97%
Annx,	96%
Bmea,	96%
Icpt,	96%
Crvs,	95%
Scph,	95%
Rytm,	95%
Trvn,	95%

[DewDiligence_on_SI] Brief comments on ASMB’s valuation and pipeline: investorshub.advfn.com

DewDiligence_on_SI — 1/23/2022 3:01:38 PM

[scaram(o)uche] ghmm nominates VYGR..... twitter.com (thanks!)

scaram(o)uche — 1/21/2022 10:34:21 AM

[scaram(o)uche] Anyone have companies from either RKRW's or bmaz's list where preclinical has at...

scaram(o)uche — 1/21/2022 10:19:03 AM

Anyone have companies from either RKRW's or bmaz's list where preclinical has attracted pharma biobucks? TIA.

Anyone have selected companies with clean balance sheets?

[bmaz001] Here is a spreadsheet of 'less than cash' biotechs that I generated this afterno...

bmaz001 — 1/20/2022 5:22:51 PM

Here is a spreadsheet of 'less than cash' biotechs that I generated this afternoon. I've included my calculations so you can see how I derived 'EOQ Cash / Market Cap' in column F. I've also 'over grabbed' to include a few companies that aren't quite less than cash at this point.

I've unlocked the workbook so it can be downloaded to Excel format for those who prefer to work locally.

Biotechs Less Than Cash

-Maz

[rkrw] Now up to 116 below, or at cash on hand, current valuation vs 9/30 cash levels. ...

rkrw — 1/19/2022 10:12:56 PM

Now up to 116 below, or at cash on hand, current valuation vs 9/30 cash levels. I do not net out debt.

Company	Cash/MV
Mtcr,	411%
Frln,	325%
Cbio,	282%
Avro,	240%
Gray,	234%
Xcur,	230%
Sbtx,	228%
Cala,	224%
Asmb,	219%
Abeo,	215%
Clbs,	214%
Tpst,	213%
Sgtx,	212%
Advm,	210%
Tcrr,	207%
Adxs,	205%
Imra,	204%
Kala,	202%
Endp,	200%
Bcel,	200%
Ymtx,	199%
Sprb,	195%
Fbrx,	194%
Abio,	193%
Bolt,	191%
Nbrv,	185%
Algs,	185%
Nerv,	184%
Lumo,	168%
Acor,	167%
Gmtx,	166%
Rgls,	166%
Achl,	165%
Crbp,	165%
Aezs,	164%
Eldn,	163%
Tlis,	162%
Glyc,	162%
Cnce,	157%
Bdtx,	157%
Hsto,	156%
Glpg,	156%
Nxtc,	154%
Tnxp,	153%
Sldb,	147%
Asln,	147%
Vyne,	146%
Cntx,	146%
Dffn,	145%
Oncr,	145%
Avir,	145%
Phge,	144%
Htbx,	143%
Cmpi,	143%
Fbio,	141%
Clsn,	141%
Ardx,	137%
Hook,	137%
Atxs,	137%
Slrx,	135%
Espr,	135%
Mreo,	134%
Ontx,	134%
Arav,	133%
Oncs,	132%
Ekso,	132%
Caba,	130%
Pasg,	130%
Grtx,	127%
Ctmx,	126%
Alrn,	124%
Plx,	124%
Allk,	123%
Trda,	122%
Itrm,	122%
Sesn,	122%
Ubx,	120%
Cycc,	119%
Agtc,	119%
Glmd,	119%
Onvo,	118%
Nviv,	118%
Akus,	118%
Olma,	118%
Tara,	116%
Tern, 116% Hepa,	116%
Elox,	115%
Alna,	115%
Siox,	114%
Apre,	113%
Mor,	113%
Xfor,	111%
Aplt,	111%
Cemi,	111%
Fixx,	111%
Aytu,	110%
Isr,	110%
Sybx,	110%
Cocp,	109%
Lvtx,	108%
Vygr,	108%
Cntb,	108%
Adgi,	107%
Syrs,	107%
Eq,	106%
Gbio,	105%
Cycn,	104%
Idra,	103%
Fmtx,	102%
Blph,	102%
Epzm,	101%
Dyn,	101%
Virx,	101%
Cbay,	100%
Rzlt,	100%
Cdtx,	100%

[JamesK] Yes, TERN has four assets but will take many Phase II trials to pin down the bes...

JamesK — 1/19/2022 10:10:12 PM

Yes, TERN has four assets but will take many Phase II trials to pin down the best combo treatment. Then a long Phase III like MDGL. $200 million is not enough for that.

[A.J. Mullen] I like their valuations given they have clinical trials, but both Duchenne's and...

A.J. Mullen — 1/19/2022 12:51:48 PM

I like their valuations given they have clinical trials, but both Duchenne's and NASH have a lot of competition. NASH has a big market and it sounds as if there's an expectation that various combination therapies will be adopted eventually. Thus it's unlikely one winner will take all. Finding correct combinations will be tough, as covered in the last Q-A to Terns CEO.

[scaram(o)uche] Wow. Listened to the TERN presentation. Their CMO/CSO/prez is a live wire! Th...

scaram(o)uche — 1/18/2022 2:32:05 PM

Wow. Listened to the TERN presentation. Their CMO/CSO/prez is a live wire! Thanks for the pointer.

[JamesK] SLDB and TERN. Both presented at JPMorgan if anyone wants a deeper dive.

JamesK — 1/17/2022 2:49:25 PM

[scaram(o)uche] Heh! Lucky guy. So... LVTX. Have a history in the lab with anti-CD1 that wa...

scaram(o)uche — 1/8/2022 10:48:20 PM

Heh! Lucky guy.

So... LVTX. Have a history in the lab with anti-CD1 that was explained many years later, probably involving iNKT cells. MAb licensed from Sloan Kettering. Back when there was no iNKT cell description, decades before. And there was no subdivision of CD1, no CD1d. But then changed companies and projects.

It was fun to watch the science unfold, going.... "ah, that's WTF was happening!"

So, I have a soft spot for the company, and want them to win. But my position is small. Diving right into prostate.

Gotta love the sort of stuff that they dabble in.

pubmed.ncbi.nlm.nih.gov

First rational explanation of IgG4 related disease (an old Xencor project, one that never seemed clever, classic bait and switch which dented my faith in Dahiyat) that I've heard.

[bmaz001] I appreciate your encouragement but that would turn into what they call a 'job',...

bmaz001 — 1/8/2022 9:21:32 PM

I appreciate your encouragement but that would turn into what they call a 'job', and I already have one of those that I can't seem to cut loose from. Also, my wife would kill me if I took on more responsibilities. For reasons I don't quite understand, after 20 years of being married she still prefers my undivided attention. Go figure. :-)

[scaram(o)uche] OK, so we all know that source materials are often not accurate. Stats. So, to...

scaram(o)uche — 1/8/2022 8:42:35 PM

OK, so we all know that source materials are often not accurate. Stats. So, to produce these products would require disgusting hours spent at the compie, switching at very least between earning statements, SEC data, and yahoo for each and every biotech.

Not practical. But if you'd like to sell a product, I'm certain that many would be interested in:

Cash, minus debt, minus burn, and, where positive, divided by MC.

Cash, minus debt, minus burn, divided by burn.

Ask 10K/subscription. :-)

[bmaz001] LVTX expects to release P1 data for LAVA-051 (MM, AML, CLL) in 1H 2022. They als...

bmaz001 — 1/8/2022 7:35:57 PM

LVTX expects to release P1 data for LAVA-051 (MM, AML, CLL) in 1H 2022. They also plan to file an IND for LAVA-1223 (solid tumors) in late 2022. At one point they were guiding to release P1 data for LAVA-1207 (mCRPC) in late 2022 but I'm not sure about that now.

And there's this: JNJ deal

[bmaz001] Who needs Lunesta when you have my spreadsheets up on the screen.

bmaz001 — 1/8/2022 7:02:06 PM

[bmaz001] Speaking of buyouts, here are some fresh M&A candidates from Goldman Sachs. See ...

bmaz001 — 1/8/2022 6:59:56 PM

Speaking of buyouts, here are some fresh M&A candidates from Goldman Sachs. See the 'Source' tab for the original image.

Possible M&A Targets