Sustainability of INO
Assumptions
- Cash and cash equivalents (C&EQ) are useful predictor of sustainable operations;
- Previous reported/actual C&EQ can be used in future cash needs;
- Most recent "Cash Burn Rate (per qtr)" can be used as future cash burn rate with "negative adjustments", if available;
- C&EQ from most recent reported "ending cash" data can be used with "positive adjustments", if available;
- Sustainability (# of quarters) shows the historical "dis-comfort level" where existing management will initiate additional funding;
- Computation: Sustainability (no. of qtrs) = ["Cash Ending" + "Positive Adjustments"] divided by ["Cash Burn Rate (per qtr)" + "Negative Adjustments"]
| Q1 ended 3/31/2014 | Q2 ended 6/30/2014 | Q3 ended 9/30/2014 | Q4 ended 12/31/14 | Q1 ended 3/31/15 | |
| Cash Ending | $98,770,910 | $88,535,184 | $70,669,000 | $40,543,982 | $26,145,723 |
| Positive Adjustments | na | na | na | na | $82,000,000(1) |
| Cash Burn Rate (per qtr) | $5,557,185 | $8,148,543 | $8,043,378 | $8,074,538 | $12,068,370 |
| Negative Adjustments | na | na | na | na | nd |
| Sustainability (no. of qtrs) | 17.8 | 10.9 | 8.8 | 5.0 | 9.0 |
(1) 5/5/15 closed offer 10,925,000 shares @$8 = approx $82.1 million
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