Sorry but I don't buy your argument. Companies developing things...

Sorry but I don't buy your argument. Companies developing things like drugs borrow money to finance the development. Lenders expect the money to be spent on the development. So subtracting total debt from cash position to get their health rating doesn't make a lot of sense. Well, not to me anyway.

So how better to look at it? Well, with cash for a full year at current burn rate, one would be looking for programs that could deliver results[*] in well under a year. re BNC210 PTSD: "data from the trial is anticipated in late Q3, CY2018". That's just 6 weeks away. A lot less than a year. re BNC210 Agitation: "results are anticipated to be available in Q1, CY2019". That's 6 or 7 months away. Still well under a year. BNO is still working with Merck on other things. To me, it looks like business as usual, with no looming crunch point.

[*] By "results" I don't mean buckets of cash landing in their laps. I mean things that can materially affect the value of the company - such as trial phase data.