From the article: "Shareholder Equity (SE) : normally we do not think of balance sheets in reviewing biotech companies but it is a measure of capital allocation, debt and cash reserves. Incyte (INCY) has good cash reserves but is leveraged with $223.8M of debt and negative shareholder equity."
Anyone looking to buy this is also looking at buying the bad with the good. This currently way overpriced.
What is the balance sheet value of the patents for Ruxolitinib and Baricitinib? That's why "normally we do not think of balance sheets in reviewing biotech companies." (They are probably carried at nominal value as intangible assets)
I would value the Ruxo patent somewhere North of $10 bln (but about 40% encumbered) and the Bari patent around $4 bln (but 75% encumbered). There is every reason to hope that both patents will become more valuable.