Relypsa appears to have bottomed at $13, but fundamentals are still disconcerting. The company had $285M as at 12/31. Its cash burn rate is $200M a year. Assuming no scrips growth, the company has 3 quarters of operations left. This gives the company until 2017 to early 2018 of time. Relypsa may defer its debt repayment if its revenue in the Sep 30 2018 quarter is $85 million. Having around 12,000 patients at $595/mo would bring in that amount. Today’s sales numbers should not impress investors. The company made just $600,000 in the first quarter. In a survey of 112 nephrologists (source: Zug), over half of the Veltassa user base is in trials. 90 percent in the trial would limit product use, due to the six-hour dose separation requirement. Alternative investments: AstraZeneca (AZN). Its ZS-9 drug competes with Veltassa. Relypsa’s chances of survival will become clearer in the next two months. Watch the scrip numbers closely.