Aug. 9 at 5:16 PM
$ALT $ALT partner thesis, 1 of 2: the case for it.
Morristown HQ, 5-year lease at ~
$300K/yr. That is a rounding error against
$100M+ annual burn, so this is not a cost story. It is a proximity story. Morristown sits in the NJ/NY pharma corridor where the commercial and regulatory talent lives and where the BD counterparties sit. A modest lease instead of a campus build is the profile of a company staying light and acquirable.
Management has already said out loud they are advancing MASH independently while seeking a partner for obesity. Stated posture, not speculation.
$535M as of 4/30 funds PERFORMA through topline. It does not fund a launch. Somebody else writes that check: a partner, an acquirer, or a very large raise at whatever the readout does to the stock.
AUD and ALD are separate commercial markets a company this size cannot launch alone. That is more partnerable assets, not fewer.
