RE:Fair ValueAssuming cash of $48 million, which is likely a bit generous, Marathon debt of $60 million and a market cap of $62 million currently, the Enterprise Value (EV) is $74 million (Market cap plus net debt of $12 million). Sales are likely to be around $85 million in 2023. EV/Sales below 1X is obviously quite cheap. It is hard to know how to value THTX on this metric at this point given management's failure to create value for shareholders and then sabotaging shareholders in this last deal. Something below the normal expectation would be expected and I am not sure what exactly that might be at this point. Let's just use 2X for arguments sake. So, that would be $170 million in market cap less $12 million in net debt gives us $158 million attributed to the equity component or $3.22 per share (using 49 million shares).
If TH-1902 shows promise, however, that would change everything for the better. Actually. EV/Sales would no longer be the appropriate way to value THTX if there were good TH-1902 results.
juniper88 wrote: After the dust has now settled, and with the spirit of looking forwards instead of backwards. Does anyone want to take a stab at what ought to be the fair value of THTX right now?
Market cap seems to be just under USD 60 million, right now. Is that too high? Too low? Why?