Just to add a bit of colour to Beach's excellent "Relax people" post -
The Company's May 7 filing reported cash and equivalent as of March 31 of $81.6 million - including working capital of $60.6 million.
That was expected to be augmented in May by a further $11.5 million, with a further $2.2 million due in July.
Guidance for full-year cash requirements was $45 - $55 million (including $11.3 already used in Q1) - with available cash anticipated as sufficient to fund operations into 2014.
Insmed raised $25.6 million via a Share Offer last October, on the back of the 2012 Q2 Shelf Registration. This latest guidance suggests the Company's working capital alone at year end will be $30 - $40 million.
Given that guidance, it's difficult to see any need for the Company to tap this year's Shelf before the share price has been able to benefit from the Phase III results due mid-year.
That aside - to issue or to buy shares via an Offer at this juncture would be to invite a SEC investigation into a potential abuse by either the Company or the buyers (depending upon how the Phase III results turn out) of the Insider Trading regulations.
I do have a more persuasive argument, but not one I'm willing to advance in a public forum. I'm happy to share it with anybody I know from this forum - contact me via my fud.fighter2 account if you're interested.
At the risk of appearing to be an even lonelier old biddy than I already appear to some, it would be nice to hear from other long-time believers now that things are finally looking up. Haven't heard anything from my friend who's related to one of the Beatles for some time (and I'm NOT referring to our resident Star Clown).
Not sure the SEC thing is all that persuasive.
This company has already transferred shares or rights thereto, on more than one occasion, that did or could have provoked an investigation and some consequences.
There's so much #$%$ going on in the Street that SEC and other regulators look like Lucille Ball in that classic episode of the candy assembly line.
The point I intended to make about the Share Offer last October is that even at the top end of the expenditure guidance for the rest of this year, the Company will still end the year without touching the cash they raised in that last Offer.