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What will be the total revenue from ITD Rebyota royalties for Finch Therapeutics in 2024?
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Financial reports from Finch Therapeutics or major financial news outlets
Story
Finch Therapeutics Secures $25M Judgment, 5.5% Royalties on ITD Rebyota Sales
Aug 9, 2024, 08:46 PM
Finch Therapeutics Group, Inc. ($FNCH), a microcap company, has been awarded a legal judgment totaling $25 million, along with an additional $800,000 in royalties, representing 5.5% of ITD Rebyota sales, following a patent-related court case. The judgment is expected to significantly impact the company's financial standing, as it previously had a market capitalization of just $6 million and approximately $15 million in cash. The legal outcome has led to a substantial increase in the company's stock price, which has surged by approximately 350% since June 2. The awarded damages and royalties are likely to provide a financial cushion for Finch Therapeutics, potentially alleviating concerns about its cash burn rate. The company's stock was trading at less than $1 prior to the judgment, reflecting the transformative effect of the legal victory on its market valuation.
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