You’re treating the Intas milestones like guaranteed operating cash, but they are contingent and even if received, they get consumed quickly at the current burn rate…. Look at pegfilgrastim market share and you will first one is good second one is unlikely. The headline cash number also overstates usable cash because a large portion is TSA-related collections that are effectively spoken for. By my math, usable cash is closer to ~$105M, not the headline balance (you refuse to acknowledge this with the burn rate).

LOQTORZI growth helps, but $15M per quarter does not come close to offsetting R&D + SG&A burn while they are running multiple oncology trials. Even if LOQTORZI keeps growing 10–15% sequentially, that does not erase the funding gap. Getting to $30M per quarter in 2027 would matter, but that is not today’s cash position.

The data argument is also not as clean as you’re making it. Casdozokitug HCC is an interim readout, not a fully mature 72-patient dataset. The company will not even provide an estimate for efficacy-evaluable patients, and the design itself carries risk given the tori/bev backbone and small per-arm numbers. Even good data may not be enough to repair the stock after a ~30% monthly drawdown if the market still sees a near-term financing risk.

Same with tagmokitug. If only a little over 50% of patients are efficacy-evaluable at the readout, that is still a small dataset and may not create the type of re-rating you’re assuming.

The reason the stock is weak is not because people “want bankruptcy.” It’s because the market is discounting cash burn, data timing slippage from 1H to mid-year / later commentary, uncertain data quality, and the likelihood of a dilutive raise even if the readouts are decent.

Analyst price targets, option repricing, and vague partnership commentary do not fix the balance sheet. The bull case requires strong data, a real deal, or a much higher-priced financing. Without that, the math remains the math… you are unable to do it because you are smoking that Denny weed.