Anteris Technologies Global Corp.

ASX:AVR

Anteris Technologies Global Corp.

ASX:AVR
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$8.94 (-0.1%)
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#102
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4
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Forum Topics AVR AVR Bull Case

Pinned straw:

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Slideup
Added one year ago

@PabloEskyBruh It seems like they really need these options converted to keep going. As someone who has followed Anteris for a while when do you think their valve would be released to the market if they don't get taken over or run out of cash first? Even if the options all get taken up that is only another 2 quarters at the current cash burn rate and it doesn't look liek they expect this to slow down any time soon. I find this one interesting but I am not sure exactly which end game the company wants.

I was looking at the 4C the other day and noticed they only have $20m cash left and are burning $12m a qrt. In the 4C the have 1.7 quarters of cash remaining and in response said "8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer:

• During this quarter, the Company raised gross proceeds of $1.7M primarily from the conversion of unlisted options. Since 30 June 2023, the Company has raised a further $812k from the conversion of unlisted options.

• At the date of this report, 2,038,099 options held by external investors, with expiry dates between now and 2025, are in-the-money and could be exercised at any time. If all of these were converted, they would generate $22.9m of capital for the Company. It is anticipated that some of these options will be converted prior to maturity.

• The Company has an established track record of successfully raising new capital and debt facilities. The Company has continued to demonstrate successful results with its Research and development program including the one-year results of the First-in- human trials for both cohorts 1 and 2 as well as the 30-day results for cohort 3. The Company is also preparing for an Early Feasibility Study in the United States. All these factors are anticipated to be supportive of continuing to be able to raise new capital and debt facilities in the future.

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PabloEskyBruh
Added one year ago

Hi @Slideup, I’d concede they will continue to need cash to burn until acquisition or DurAVR is commercial — but not that they need the options converted. Having said that, I think the next capital raised will be from the new options which will almost certainly be issued in September.

My thesis is that the market’s perception of this company will be quite different in two quarters time. By that time the EFS should be completed. The next stage after that is a pivotal trial of between 500 to 1000 patients. Anteris can charge for the valve for those trials. The price for these things is $30,000 US a piece. It will be some revenue, but still not cash-flow positive of course.

To answer your first question I think proper commerciality (as in cardiac surgeons having blanket FDA and TGA approval to use DurAVR) is probably 2027 at earliest. But in the event of that success Anteris’ payday is well before then in terms of valuation.

I’ve thought about your second query a lot. Does Anteris want: Acquisition, partnership, or go it alone?

I now think it doesn’t care, as long as it gets an optimal and fair price along the development spectrum.

My valuation is for go it alone in 2027 and I’m taking into account the doubling of the shares on issue and the extra $250 to $300 million that will cost. Obviously, I don’t want to wait that long — but I can if that’s what it takes to get the right price. Thankfully, so can CEO Wayne Paterson, it seems to me anyway.

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