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Affymax, Inc. Message Board

  • audphil78 audphil78 Aug 5, 2013 7:28 AM Flag

    10-Q is GRUESOME. Burned all the cash, only $10mm left which is less than liabilities

    If I were a betting person I would say they file to liquidated within 2 weeks so there is no liability hanging over their heads since they only have $10mm in cash left and have liabilities that exceed that already and they are burning more cash every day. This is a ZERO. In liquidation they will try and pay off the creditors and not exactly sure how they would work it, but if they can get through the liquidation and still keep the agreement with Tak intact (could be voided by a bankruptcy filing) they might try and set something up that:
    If the drug DOES go back on the market (highly doubtful if only Tak is pushing it) any payments would first go to pay off the rest of their liabilities and then any additional moneys would be held for distributions to shareholders (i.e. they could issue some kind of "stub"); however this is highly doubtful and the stock is now looking like a confirmed ZERO. If you don't believe me, ask someone who understands financial statements and bankruptcies.

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