The 3rd Quarter (6/30/219) 10Q was recently released.
They received $10.9M in cash from warrants the last 4 months. HUGE!!!!
As of 6/30/19, CVM had over $9.5M cash on hand PLUS $2.5M from warrants converted 7/1/19 to 8/14/2019. These conversions were not reflected on balance sheet at 6/30/19, but you must include for a complete picture. Thus, a total of $12M in cash to "work with"
They have a cash burn rate of $1.3M per month.
A recent presentation noted that the outstanding shares has increased to over 35M. This is an increase of over 1.7M shares. We surmise that this is all due to warrant conversions. Assuming an average strike of $3, this means another $5M in cash. The pending 10K will detail their cash position
This means they will have enough cash until at least June 2020. They likely will not need a cash raise until Late April 2020. This all assumes NO news of 298/successful PHIII.
The more warrants that are converted the better for our cash position and “delays” the next dilution.
WHEN 298 is announced and the results are deemed successful, the game changes. They will need a sales team, marketing expenditures, fees for FDA approval, hire new employees, etc. But when its deemed successful, the share price will be large enough to absorb some minor dilution.
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