Cash required for 2014 seems to be of some concern to certain investors particularly since the approval of the second phase of BARDA is not yet known (although imo it could be as early as April or May) and the cash from the exercise of the CYTXW warrants (4,379,597 @ $2.59, or $11.3 million) is not until Sept. However, most investors are unaware of the 3,204,738 warrants that expire this May at an exercise price of $2.69. That would provide additional cash to the Company of $8.6 million. The way that I see things playing out, there should be no need for any secondary this year Imo.
They have enough cash for part of 2014 yet until they find out if they will get more revenues & cash from other sources (BARDA, etc.) before they need to worry about more share offerings. That's what my research tells me.
I don't see how the cash from Barda, helps the company stay liquid. The Barda cash is neither a loan nor an investment. It is money that will be used to fund additional research and trials. Only a small percentage of the Barda money is company profit. Ultimately Barda may lead to large additional profits but not any time soon.