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Biotech / Medical : Immunomedics (IMMU) - moderated -- Ignore unavailable to you. Want to Upgrade?

To: galt who wrote (63069)	4/11/2025 9:52:31 AM
From: Olecranon	Read Replies (2) \| Respond to of 63289

I’m confused by this offering. Before the offering there were about 700m shares outstanding so (ignoring the warrants for a moment), the dilution only represents something like 4% decrease in ownership for current shareholders. At the same time the offering (once again ignoring the warrants) only raised $90m, which at the 2024 cash burn rate represents only about 3 months of additional runway. This does not take into account the fact that revenue has been increasing such that our burn rate should have been slowing substantially in 2024 and particularly 2025. But if revenues are continuing to surge, and the burn rate is dropping precipitously, then why did we need the offering? Does this particular investor lend some sort of credibility to IBRX to satisfy possible acquirers?