Jan. 14 at 3:22 AM
$BCRX
- BCRX cash 12/31/2025
$338M
- ASTRIA cash/ST investments 9/30/25
$228M and they were burn
$35M/qtr so let’s say
$190M as of 12/31/2025…likely
$175M estimated at close if it closes on 1/23/26
- cash portion of acquisition is
$488M
-
$550M line of credit with Blackrock
We will have around
$510 cash less the
$488M without drawing on line of credit. They’ll need/want a cash position let’s say
$150M if BCRX draws
$250M from line of credit, they could easily do a buyback of
$100M; announce it with 4Q25 ER; and IF management has the spine to do it, they could follow it with an orchestrated open market purchase like they did in 2024. They seem to have conviction so they should back it with their money. I don’t know why they wouldn’t because they’d make a ton on all the RSUs/shares they have if they’d defend SP and it actually worked.
