In the subsequent events section of the 10-K, SGYP disclosed that since January 2014 it has raised ~$22M through new share issuances at a price of just above ~$5.80. Only $600k of that came from the recent ATM announced in March. That leaves them with ~$90M in cash (before Q1 cash burn) for the completition of p2 & p3 trials for both drugs. The company has been spending ~$10M~$15M a quarter, so I see no reason why they would need to raise additional capital in the near future.
That should take the short thesis of additional dilution off the table. Now that just means we need positive data in the next few weeks...........
Good work here Frank! This information is on the bottom on page 34 of the 10-K and continues on page 35.
This is very good news and shows why these ATM vehicles are a good idea if management uses them well. I would suggest that they have and will again on positive data release. I believe that this pushes the need to raise capital into 2015. They could potentially raise $70m this year just from the ATMs. I agree Frank...no near term large dilution. Assuming more cash is needed in '15, it will be raised from a much higher valuation.