Cash as of Dec 31, 2022 - $30.4M. Cash has been consistent for the past 3 quarters; I think it's safe to assume Biora intends to keep at least $30M in cash, even if it means heavy dilution.
ATM Offering Left - ~$33M (used $5M in Q4 2021, $3.7M in Q1 2022, $1.1M in Q2 2022, $1.8M in Q3 2022, $12.9M in Q4 2022, $12.5M in Q1 2023). Initial offering was $90M but reduced to $70M in Q3 2022.
Nov 2022, Sold patent to Roche Diagnostics for undisclosed amount. No mentions in ER and no info in filings
Enumera Molecular
Biora has a 25% minority ownership stake (6M shares) with potential financial upside and without committing any funds or resources from the company, Press Release
Founded by Biora's former CSO, Matthew Cooper. Cooper previously founded Carmenta Bioscience, which was later acquired by Progenity (along with what later became Preecludia)
Series A funded by Arboretum Ventures for $12.5M
Athyrium
Progenity/Biora's major shareholder, who started investing in Progenity back in 2013.
BELOW INFO IS SLIGHTLY OUTDATED. Athyrium recently invested more to adjust their warrant strike price. It is unclear exactly how much they own right now.
Cost basis is last calculated to be between $50-75, but potentially less now due to warrants
Did not sell any shares during Nov 2021's ramp up to $6
Part of their MO is to buy a company then turn them into a desirable target for acquisition
Jeffrey Ferrell, managing partner of Athyrium, is also one of Progenity/Biora's Board of Directors. Related DD
Buyout Theory
This was a prominent theory during the initial ramp in late 2021, but not many talk about this anymore. A buyout is always possible, but there are not that many signs which points to one.
UC patient studies (PM-602) - completed, Topline Results. Full publication will likely become available after American College of Gastroenterology Annual Scientific Meeting (Oct 21-26)
Study effects of food on function of the device (PM-611) - completed, Press Release
Tox Studies - Completed, analysis in progress, should be done before Q3. Encouraging results that shows robust safety profiles
IND filing - Q3 2023
Phase 1 - Q4 2023 to Q1 2024.
There was timeline for Phase 2, but that's now removed from presentation
BT-001 (formerly PGN-001)
Adalimumab variant + Device
Sidelined, possibly due to lawsuits by AbbVie to other companies who uses Adalimumab
Trial Delays - already happened to all their programs, multiple times. Can definitely happen again
Poor Results - all research thus far points to NaviCap/DDS and BioJet/OBDS being effective solutions. However, their "previous generation" OBDS definitely had problems; likely with deployment rate.
Unexpected Expenses (Unsure) - there are a few open lawsuits against Progenity, which could result in settlement payments or other forms of expense. This can decrease their cash reserve/runway. SEC Filing, see "Item 1. Legal Proceedings"
