65mil francs in first quarter post approval. Projects sales 340 mil for first full year and 600-700 mil next year after EU and Japan availability begins. All the quarterly and YOY comps should be good for IMGN going forward for the next 2-3 years.
they only get 3% on the first $700MM (I think that's the number) then it quickly ramps to 5% on amounts over that level. This resets every year at zero, then they start at 3% again. Payment is lagged by one quarter. If they receive $21MM next year in free cash flow, that will offset aome of the spending and reduce the loss estimate. If they could do some Bus Dev, or license out the phase II/III for their early stage compounds, that might remove, or greatly delay the need for additional cash, assuming they are not acquired. They certainly don't need to do any large offerings anytime soon, so let's hope they show some dilution restraint.