Trellus Health PLC (AIM:TRLS) shares dropped 7% on a seemingly innocuous (though delayed) set of prelims.
Yes, the company posted a fairly hefty underlying loss of US$8.1mln for the 12 months that ended 31 December 2022, although we are guided that this was in line with management’s expectations.
The cash, a key performance indicator for a company at the formative stages of its commercial journey, was a hefty US$19.1mln at the end of the reporting period.
That’s a runway long enough to take it out to 2025. To put that into context, Trellus’ market capitalisation currently is £11.4mln, or U$14.1mln.
That means the business, which helps people living with conditions such as Crohn’s Disease and ulcerative colitis, is trading at a 29% discount to cash.
At 9.15 am, the stock was changing hands for 7p, down 0.5p.