Re: Runway status check
"Using the midpoint of company guidance, the cash balance at CYE should be approx $85m"
"The 2H midpoint opex and nonGAAP opex is $118m and $105m respectively"
"3Q23 opex $68m/nonGAAP $60m/cash burn 55m"
"4Q23 opex $50m/nonGAAP $45m.cash burn $40m"
that sounds nice... but it seems incredulous that 4Q Opex would drop $18M at a time when the company is aggressively advancing their clinic trials, exploring every option to sustain operations, and only projected $31M in annual savings (excluding $5M - $7M in one-time 2023 restructuring costs) from the recent reorganization
to wit, do you think your post is a reasonable projection... or are you just presenting it as another cleverly misleading "company projection" without taking any personal ownership for it ?
as you know and read, I recently posted the following, which excludes those 1H accounting "impairments":
* 1Q23 Opex $81M/nonGAAP $73M/cash burn $76M ($66M Oper Activ/$10M Capex)... ending cash $241M
* 2Q23 Opex $$79M/nonGAAP $72M/cash burn $$65M ($61M Oper Activ/$6M Capex/-$2M Other)... ending cash $182M
so using 2Q23 as a baseline, the $31M restructuring savings would be $8M per Q, or $71M Opex/$64M nonGAAP/cash burn $60M per Q
and that would be 2H Opex $142M vs your $118M vs 1H Actual $160M... and YE Cash of $60 vs your $85M projection
and a 2024 projected burn of $244M vs your $180M, which would result in a YE 23 runway of only 3 months vs your 6 months projection
no, your post smacks of being "too good to be true" to anyone with a modicum of business acumen... and you definitely know it... yet in this time of crisis, yes "crisis", you choose to downplay it's urgency... tsk, tsk