avexitide on-track
NDA end-26 · launch 27
avexitide slips
NDA / launch deferred
How no-revenue burn sets the runway and the dilutive-financing threshold that caps the option value
cash & securities
Dec 31 '25 $316.98M
Mar 31 '26 $279.8M
Jun 30 '26 $250.8M
financing threshold
runway into 2028
Jan '25 raise
17.1M sh · ~$60M
Sep '25 raise
17.5M sh · $175M
shares ~111M
+25% YoY dilution
net loss ~$41-43M / qtr
no commercial revenue yet
avexitide revenue gate
open
revenue first
no forced raise
option value
~$3.9B cap
15x cash · 31x burn
gate slips
caps the multiple