PAVMed ben ik trouwens van teruggekomen, ik heb me er nog wat beter in verdiept na de laatste earnings report van afgelopen vrijdag (https://ir.pavmed.com/sec-filings/all-sec-filings/content/0001493152-20-015956/0001493152-20-015956.pdf) en ze staan er toch vrij bedroevend voor qua financiën vind ik. Die 7 miljoen van die ene belegger gaat om 'Senior Secured Convertible Notes', die volledig zijn gedekt door de assets. M.a.w. deze belegger koopt opties van 5$, maar als het bedrijf failliet gaat dan maakt hij als eerste aanspraak op de assets en verliest dus niet zoveel. Dat geeft toch net even wat minder vertrouwen dan ik er eerst in had.
Ook staan de volgende zinnen me niet zo aan:
"As a result of recurring operating losses and net operating cash flow deficits there is substantial doubt about the Company’s ability to continue as a going concern within oneyear from the date of this filing."
"Our management determined that there was substantial doubt about our ability to continue as a going concern within one year after the unaudited condensedconsolidated financial statements were issued, and management’s concerns about our ability to continue as a going concern within the year following this report persist."
Dat zijn geen standaard zinnen om je in te dekken. Vergelijk dat bijvoorbeeld eens met Aquestive Therapeutics die ik net helemaal heb zitten doorpluizen:
Uit ER van AQST:
"We expect that our existing cash and cash equivalents combined with our anticipated revenue from our licensed product activities, including expected milestone payments, other co-development payments and royalty payments, manufacturing and supply revenues at anticipated levels, sales of our proprietary product at anticipated levels, cash on hand, expense management initiatives at anticipated levels, potential future monetization of certain royalty streams or other license rights for Kynmobi (subject to all conditions and requirements under the Senior Secured Notes Indenture and subject to acceptable market conditions, timing, structure and terms), and subject to satisfaction of all conditions to and requirements for further issuances of our Senior Secured Notes, and assuming available purchasers thereof, potential additional proceeds from future issuances of additional Senior Secured Notes, and, if needed, and available to the Company, further access to the capital markets, including under our shelf registration statement filed with the SEC and declared effective September 17, 2019, will be adequate to fund our expected cash requirements for the next 12 months. We have based this expectation on assumptions that could change, or prove to be inaccurate, and additionally, we could utilize our available financial resources sooner than we currently expect."
Morgen is er een business update van PAVM. Hoewel verleidelijk om wat aan te houden omdat het bij goed nieuws morgen ook hard omhoog kan gaan, heb ik er toch maar afstand van genomen zojuist. Het is namelijk wel echt een gokaandeel in mijn ogen.