Rise and shine, everyone, another busy day is on the way. This morning is getting off to a fabulous start, though, as a delightfully warm sun is enveloping the subdued Pharmalot campus, where the official mascot is snoozing and the short person is also sleeping in before heading out for a new adventure. As always, we are quaffing some cups of stimulation — golden French toast is our choice du jour — and assembling some tidbits for your pleasure. So, time to get cracking. Hope you have a smashing day, and do stay in touch. We always enjoy your tips and insights. …
The biotech swoon last year has settled into a 2022 malaise, with the closely watched XBI index now down 40% for the year, pushing more than 200 public companies into the unwanted territory of running a business that is worth less than the cash they have in the bank, STAT says. There are 30 companies in dire straits, with their enterprise value — which is market cap plus debt and minus cash — at $100 million or more below zero. When you add it all up, these companies have about $14 billion in cash and a cumulative market cap of $8 billion, according to data from Evercore ISI.
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