This is a retrospective post for a position I built before I started this blog.

On January 19th ‘23, Cytier Therapeutics ($94M market cap) announced that it’s streamlining operations and laying off 70% of their staff in an effort to increase their cash runway into 2026. 

Later on June 30th ‘23, they announced that they are liquidating but did not announce distribution estimates. From their latest quarterly report, this is the back-of-the-envelope liquidation value I got:

Additionally, they might also have IP that might be of some value but I’ve written it down to 0. Today they filed a proxy announcing an initial distribution estimate between approximately $2.92 and $3.31 per share of common stock:

"Based on the information currently available to us and if our stockholders approve the Dissolution, we estimate that the aggregate amount of cash that will be available for distribution to our stockholders will be in the range between approximately $106 million and $121 million and the total amount distributed to stockholders will be in the range between approximately $2.92 and $3.31 per share of common stock. We refer to this distribution to stockholders as the “Common Stock Liquidation Distribution”. Our current estimate of the amount to be distributed to stockholders in the Common Stock Liquidation Distribution does not reflect any additional proceeds we may receive from additional sales of our assets in connection with our Dissolution. We intend to make the Common Stock Liquidation Distribution as soon as practicable following the filing of the Certificate of Dissolution as creditor claims and contingent liabilities are paid or settled; however, we are unable to predict the precise timing or amount of the Common Stock Liquidation Distribution."

I’m assuming initial distribution by EOY and holdback distribution within the next 3-years once the trust winds down.

Disclosure: I own shares of CYT