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No they dont have enough cash as they only raised about half of what they were looking for on the IPO so a secondary is clearly in the offing. In biotech you raise when you can or have good news.
"they only raised about half of what they were looking for on the IPO"
Incorrect. Target IPO pps was $11-13, they IPO'd at $10.
or there is speculation they are selling the company and thats whats driving the stock