Better Off Dead
Profitable grave robbing…
March 2, 2025
Grave robbing might be considered distasteful but at least it is a relatively victimless crime. We’re not talking literal grave robbing here, just the general opportunity set of public corporations that are more valuable dead (liquidated) than alive (money burning going concerns). Third Harmonic (THRD) is one such company. They’re exploring strategic alternatives which will hopefully result in a sale.
They have ~$285 million in cash and equivalents and expect to be down to ~$262-267 million by June or ~$6.50-6.60 per share. Cash burn is okay and insiders are alignedish. It is good that they’re cutting half of their workforce and halting research and discovery not related to THB335, which hopefully someone will pay something for. I’d take $5 in cash and a CVR for THB335. Long, glad I am, and you might want to be too. Take into account that there are a bunch of these and this might be best thought of as part of that basket.
April 14, 2025
Third Harmonic Bio Announces Plan of Liquidation and Dissolution.
Board of Directors has approved plan to liquidate and intends to seek stockholder approval for dissolution of the Company at the Annual Meeting of Stockholders on June 5, 2025
Initial distribution expected in the range between approximately $246.6 million and $255.4 million, or approximately $5.13 and $5.33 per share of common stock, expected in the third quarter of 2025
Sale of the Company’s assets, including THB335, to be initiated pending stockholder approval of the Plan of Liquidation and Dissolution
