Damora Therapeutics (DMRA), a clinical-stage biopharma focused on mutCALR myeloproliferative neoplasms, presents a materially improved liquidation recovery posture as of December 31, 2025 relative to the prior 10-Q period (September 30, 2025), driven almost entirely by a large equity raise completed in Q4 2025 and a post-period underwritten offering. The balance sheet carries $257.6M in cash and cash equivalents (including $200.6M in money market funds), against total liabilities of $20.1M. Under the liquidation lens, cash recovers at 100%, yielding approximately $257.6M on the asset side. All other assets are de minimis: PP&E net $36K (50-70% haircut = ~$18-25K), ROU asset $68K (zero recovery on wind-up), prepaid and other current assets $2.8M (partial recovery). The aggregate haircutted asset pool is approximately $260M against $20.1M of face-value liabilities, implying positive residual equity recovery of roughly $240M. This is consistent with the MFFAIS CLV/LLV/OLV of $237.5M. The prior 10-Q (September 30, 2025) disclosed only $7.6M in cash, reflecting a near-terminal liquidity position with a going-concern disclosure; the transformation is attributable to the November 2025 asset acquisition transaction (which brought in $266.8M via private placement, per the ProceedsFromIssuanceOfPrivatePlacement tag) and the February 2026 follow-on offering ($297.3M net proceeds, disclosed as a subsequent event and not on the December 31, 2025 balance sheet). The liability stack is modest: accounts payable $444K, accrued liabilities $2.4M, employee liabilities $442K, operating lease obligations $68K total. The only non-obvious liability item is a $17.4M acquisition outflow (PaymentsToAcquireBusinessesNetOfCashAcquired) related to the November 10, 2025 Asset Acquisition of the Paragon/Paramora IPR&D pipeline; the filing expensed $36.6M of acquired IPR&D as a non-deductible item (confirmed in the tax reconciliation), driving a $209.8M net loss for the year. The IPR&D assets carry zero liquidation value under the intangibles haircut rule. The $13.1M warrant obligation (Paramora Option Agreement) was fully settled by December 31, 2025 via issuance of 628,302 warrants; no residual cash liability remains on the balance sheet. The full valuation allowance against $75.4M of gross deferred tax assets ($63.2M NOL carryforwards, $9.0M orphan drug credits, $1.2M R&D credits) confirms zero tax asset recovery. Accumulated deficit stands at $487.4M. The filing does not separately tag the Paramora Option Obligation liability or the acquired IPR&D charge as distinct balance-sheet line items in XBRL beyond the Business Combination tags noted in the footnotes; practitioners should source those disclosures from the MD&A and footnote narrative rather than XBRL.
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