Talaris Therapeutics (TALS) (~$79MM market cap) is one other failed biotech that not too long ago introduced they’re pursuing of strategic alternate options after discontinuing a part 3 trial and a part 2 trial for his or her cell remedy meant to assist these with kidney transplants. Talaris hasn’t fully raised the white flag, however shut, they’re nonetheless enrolling sufferers in one other part 2 trial, this time for scleroderma, and solely laid off one-third of their workforce (112 workers as of the final 10-Okay). Nevertheless, Talaris is buying and selling properly under money even in a conservative 4 quarters of money burn situation, any trace of a liquidation or different company motion may spur the shares increased.
Talaris disclosed of their current 8-Okay that that they had $181.3MM in money and securities remaining. Utilizing the implied This fall money burn charge for the rest of 2023, I get a proforma web money quantity of $129.3MM in opposition to a present market cap of $79MM. One profit right here is the presence of Blackstone’s Life Sciences arm (Clarus Ventures) which owns slightly below 20% of the shares, hopefully sufficient to look out for shareholder worth throughout the course of.
Disclosure: I personal shares of TALS