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Affymax, Inc. (AFFY) Message Board

  • ddaly8585 ddaly8585 Aug 21, 2013 9:59 PM Flag

    New Guy Again

    Thanks for the help getting up to speed today. I was just reading the latest 10-Q, 8/5, and had a couple quick questions for those that are better versed in what's been going on. First, did I understand it correctly that Affy, as of June 30 no longer has any debt? Why are people hollering about imminent bankruptcy if that's the case? I'm not a particularly astute finance guy, but I thought it looked like they had 10mm on hand and had sgac expenses of about half a mil for the three months prior to 6/30. What am I missing that would affect their ability to hold out for some time until this is resolved?
    Second, the 10-Q refers to 180mm in potential milestone payments, with an additional 5 related to foreign sales. In addition, it states 13-17% net royalties US and 13-24% foreign, but there is also the statement " Our only source of potential proceeds are milestone payments from Takeda related to a reintroduction of OMONTYS which is highly uncertain." Excuse my ignorance, but does the reference to milestone payments assume an inclusion of the above stated tiered royalties, or did I miss something and they have relinquished the royalty rights? Thanks, GLTA

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