In 2015 Biocept burned $17.0MM, so $4.25M a quarter. Assuming they came into the year with 12.54MM in cash (per 10Q), of which they may have $7.0MM left, plus the new offering netting them $4.637,500, plus the Aspire deal at $15MM, they now have a cash runway of at least 6 quarters (through end of Q3, 2017) from this point forward. We should get an update on this next week when they report.
I just reprinted a portion of the filing. Go to SEC dot Gov and seek the rest of the document for your review. This mandates that the price of the shares can be anything above $0.50 for Biocept to require Aspire to purchase 100,000 shares a day at the request of the Company up to the $15MM. This is better than I had previously been aware.
Today's SEC filing Form POS AM - Post-Effective amendments for registration statement SEC Accession No. 0001564590-16-017690
Filing Date Changed
this should be read by all shareholders as it explains the Aspire Capital agreement in it's amended format. Pursuant to the Purchase Agreement and the Registration Rights Agreement, we are registering 3,774,122 shares of our common stock under the Securities Act, which includes the Commitment Shares, the Initial Purchase Shares, and an additional 300,000 shares of common stock that have already been issued to Aspire Capital and 2,684,122 shares of common stock which we may issue to Aspire Capital after this registration statement is declared effective under the Securities Act. All 3,774,122 shares of common stock are being offered pursuant to this prospectus. Under the Purchase Agreement, we have the right but not the obligation to issue more than the 3,774,122 shares of common stock included in this prospectus to Aspire Capital. As of the date hereof, we do not have any plans or intent to issue to Aspire Capital any shares of common stock in addition to the 3,774,122 shares of common stock offered hereby.
After the SEC has declared effective the registration statement of which this prospectus is a part, on any trading day on which the closing sale price of our common stock is not less than $0.50 per share, we have the right, in our sole discretion, to present Aspire Capital with a Purchase Notice, directing Aspire Capital (as principal) to purchase up to 100,000 shares of our common stock per business day, up to $15 million of our common stock in the aggregate over the term of the Purchase Agreement, at a Purchase Price calculated by reference to the prevailing market price of our common stock over the preceding 10-business day period (as more specifically described below).
TROV fired their CEO and CFO over a supposed conflict of interest. The BOD has lost it, shareholders are fuming over these firings, that are contested and with the change of mngt, new CEO, and further they lost their CMO who held the confidence of shareholders in his roll out of their product launch and insurance ramp up. The company share price has tumbled huge, from $6.40 to 3.40 in the last 8 trading days. A major holder has likely shorted their shares, in a manipulation effort to fleece retail holders, and so it's not all organic selling. They don't have cash problems, have $60M cash, and good science with deep patent protection. They are delayed but not defeated. New CEO has challenge of getting this damaged ship running smooth again. Will give BIOC a window of opportunity to penetrate the market.
Yes, I was told to come to the FB site, but searched for it and didn't find it. I agree, would be nice to get away from the bs here.
1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's Common Stock.
2. The RSU shall vest on January 2, 2017 provided that the Reporting Person provides continuous service to the Issuer. In the event the Reporting Person's employment is terminated without cause by the Issuer, the RSUs will immediately vest.
Three year low today, you'd have to go back to August 2013 to score cheaper shares, not allowing for the significant dilution that has occurred, and the enormous increase in company overhead. That new management team isn't cheap, and they can only do so much with what they've got.
I came back in when it broke $14, got in at $13.82. I sold out most of my shares of IDRA before it tanked big time, although still lost money on it.
Sorry for your loss a911, I've only been a seller for months now, but nothing below 1.67. I've already booked the losses to that extent, but still holding last batch at 2.76. Worst experience in my investing history, probably for a lot of folks. Not even our shrewd CEO has escaped the pain of living with this "investment".
Whatever they decide it will be the right duration since they have FDA oversight on their trial design. They wouldn't do anything short of what is recommended through that process.
It's all about misplaced confidence in an early stage pipeline, fraught with risk. My highest hopes for salvaging what was looking good earlier, were pinned around the new management team assembled. Even the best talent is impotent to produce something in time to save this downtrend from playing out to it's endpoint.
Erlander was the lone voice, investors have nothing on Welch after today's conference showing, he might as well have stayed home. Stock is languishing, recovered off the 3.37 low, but for how long will be be sub-$4 after 6.50 a week ago?
What's your clue, you think they're buying today to support the stock? Thanks for pointing out slide 11 and the likely earnings beat.
Tau, glad you posted here, I respect your view enormously and credit you for bringing my attention back to GALE at the best possible time ($0.60) and weighing in on AVXL when you did. Both of those are now profitable and staples in my portfolio, with enormous potential out front. O/T posts are a given in YMB, and where many of us get our best ideas. Hope you post here more often.
MRNS went crazy today near the close, wondering what tomorrow is going to be like here? I saw it made the mid-day turn yesterday and surmised we may have seen it reverse, it pays to understand price movement, but you never know what the market will deliver.
I actually like the steady trading when we lack news flow, especially when the general market is showing weakness. Many of the stocks I own, when there isn't news for a while, they sell off and then spike on news, then sell off again, wash rinse, repeat, it get's tiring. I agree with your take that news is coming May 5th. Shorts would be wise to cover in here.
Got it, my oversight in not reading the underlying documents. Given that this stock was trading at 1.30 before the announcement of the offering, and .95 now, that is .35 lower, and that hurts everyone here in the short run. Are you a shareholder? Likely not, if you saw this coming.