Nov. 14 at 10:06 PM
$CLSD GROK:
The Q3 10-Q is largely "as expected," confirming steady-state distress without positive or negative surprises.
It reinforces the need for a deal (cash burn on track, no strategic breakthroughs) but doesn't alter fundamentals:
Deal Probability (55-65%): Unchanged—silence is neutral; Q3 aligns with pause (lower R&D burn).
Buyout Value (
$75M–
$100M): Steady—cash
$13.9M supports runway; royalty liability growth (
$7.2M YTD) is expected (non-cash).
SCS/CLS-AX NPV intact.
Per-Share:
$14.50–
$19.20 (post-split; 3.75-5x cap).
BK Risk (20-25%): Unchanged—no going concern flag escalation.
