BankruptcyONC is precariously close to bankruptcy. As of September 30, 2023 they had one year cash on hand.
To be fair, we need to remember the ATM.
ONC is very likely selling as many as 50,000 shares each day into the market, which after fees would equate to a little over $1 million per month.
Their burn rate is more than $2 million per month.
So it is possible they might still have ten months cash as of January 31, 2024, and this ten month window could then again be extended slightly by continous access to the ATM.
Nevertheless, they are well on their way to bankruptcy.
And every day they tap the ATM it is a downward push on the share price.
BTW it astounds me that there are investors on this board who believe that ANSON is at this time a major shareholder of ONC. Please do just a little research and you will understand that ANSON used the bought deal financing to cover a short postion that was established in the six weeks leading up tot he placement.
Here's the most likely scenario during next six weeks:
1. ONC will anounce a reverse split (their thrid). It wil again be somewhere around 9.5/1 thus raising the share price to $10 U.S.
2. ONC will simultaneously spend a gazillion dollars flooding the internet with promotional "newsy" paid for advertising promoting the miracle cure pelareorep.
3. ONC will announce a financing that will raise $20 million U.S. and dilute existing shareholders even further.
4. MC will use these funds to keep the ights on and promise and promise and promise that one or two P3 trilas will start in the not too distant future.
5. The BOD will give everyone on the team another boatload of options to reward them for their hard work.
6. The share price will resume its steady decline back to $1 U.S.