March 15, 2012

10K for FY/CY 2011

The 10-K is out. One point of observation, for now: The cash balance at December 31 was approximately $7.7 million. The filing carries the somewhat stock statement of "At our current cash expenditure rate, our cash and cash equivalents will be sufficient to meet our current and planned needs until 2013 without additional cash inflows from the exercise of existing warrants, stock options, or sales of equity securities. We have enough cash on hand to fund operations until late 2013 with the cash on hand at December 31, 2011."

Clearly "current and planned needs" can have a very broad or narrow meaning, such as depending on what if any pivotal Phase 3 or other trials are conducted (e.g., MM, HCC/liver, psoriasis, immunology).

I will have much more to say later on compensation. I pulled a previous post (some of you may have read it before I "un-posted" it) in order to do some additional analysis on this topic.

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