CASC
yo no espero ninguna sorpresa en los ER, 12-13M de quemado, los 46M conseguidos en el offering, algún update ambiguo y sin fechas de su pipeline como acostumbran y la parte más importante, que es de sobras conocida pero está ahí y se hace efectiva este Q2, y es la finalización de un acuerdo con la Universidad de Nuevo Mexico por el cual 19,7M contabilizados como activos pasarán directamente al pasivo sin vaselina, y a cambio tendrá beneficios fiscales de 6,9M por dicha operación. Esos 19,7M no deberían afectar al EPS, pero sí al Equity, y para mi es un motivo importante de que se hiciera el último offering justo antes de cerrar el Q2 y no presentar un balance muy deteriorado respecto Q1. Bueno, veremos esta noche esos ER. Dejo el tema del acuerdo roto sacado del 10Q del primer trim:
The Company entered into an agreement with STC.UNM to terminate the license agreement relating to protocell technology effective May 5, 2016 (see Part II Item 5 Other Information included elsewhere in this Quarterly Report on Form 10-Q for additional information). As a result of the termination and the Company’s intent to no longer develop, license or commercialize the protocell technology, the $19.7 million in indefinite-lived intangible assets on its Condensed Consolidated Balance Sheets as of March 31, 2016 are considered impaired and will be fully written-off in the second quarter of 2016. The indefinite-lived intangible assets represent the value assigned to in-process research and development when the Company acquired the protocell technology in connection with the acquisition of Alpine in 2014. The Company also expects to recognize a $6.9 million tax benefit during 2016, upon the de-recognition of its deferred tax liability, which solely relates to the indefinite-lived intangible assets. In addition, $1.5 million of previously recorded time-based milestones for license fees associated with the STC.UNM license agreement will be reversed in the second quarter of 2016. The impairment charge is not expected to result in any significant future cash expenditures, or otherwise impact the Company’s liquidity or cash.
