Jul. 7 at 11:12 PM
$TVRD
-No meaningful revenue / clinical-stage biotech: TVRD is still dependent on drug development, not product sales.
-Ongoing losses: Q1 2026 net loss was
$6.8M, or -
$0.73/share.
-Cash burn: cash/investments fell from
$30.8M on Dec. 31, 2025 to
$25.0M on Mar. 31, 2026, a drop of about
$5.8M in one quarter.
-Runway only into Q4 2026: management says current cash should fund operations into Q4 2026, which means financing risk is still close, not years away.
-R&D costs rising: Q1 R&D expense was
$4.9M, up from
$3.1M year-over-year, mainly from higher TTI-109 costs.
-G&A costs rising too: Q1 G&A was
$2.1M, up from
$1.2M, due to personnel, stock comp, and public-company costs.
-Dilution tools available: TVRD has a
$200M shelf registration, allowing sales of common, preferred, debt, and warrants.
-ATM risk: they also have an ATM capacity, so a big data-driven volume spike can become an opportunity to sell shares into the market.
