they had $62 mil in the bank, got $40 mil, and then prob burnt through 18 mil. that leaves about $84 mil in cash total with $20 mil in debt. so, I come up with $64 mil in cash and much lower costs going forward as AZN is still paying for the asthma drug. Also, enrollment in migraine is done for stage 3.
Migraine trial is for each of the 850 people to treat a single migraine. Enrollment ended about a month ago and migraine sufferers usually have a couple or more a month. So, results on migraine could be coming soon, and some of the trial costs should go down. MAPP should still have a $125-$150 mil market cap with cash and potential of their drugs.
I wrote before they will have about $15mm net cash at 12/31/08 if you then add the $40, we get $55
debt (20mm), op lease exp (1mm), cash bonuses (6mm), R&D (17mm), SG&A (3.5mm), then add back non cash exp, d&a .4mm, share base comp 2mm, change in op assets 3mm; but they also had large accrued liabilities for clinical trial expenses which will hit P&L at (5mm).
so about $2.6 in net cash... so basically the street is saying we don't value your bud nor your migraine made and we detract more because we think you will wastefully burn more;
but, I agree this stock is definitely a very good value