Intrinsic value of Athersys - ATHX

Previous Close

$1.90

  Intrinsic Value

$0.08

stock screener

  Rating & Target

str. sell

-96%

Previous close

$1.90

 
Intrinsic value

$0.08

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of ATHX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  6
  9
  14
  20
  28
  39
  52
  68
  87
  111
  137
  168
  202
  241
  283
  329
  379
  433
  490
  551
  616
  683
  755
  829
  907
  988
  1,073
  1,160
  1,252
  1,347
Variable operating expenses, $m
  10
  16
  24
  35
  49
  68
  91
  119
  153
  193
  240
  294
  354
  421
  495
  576
  663
  757
  858
  964
  1,077
  1,196
  1,320
  1,451
  1,587
  1,729
  1,877
  2,031
  2,191
  2,357
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  10
  16
  24
  35
  49
  68
  91
  119
  153
  193
  240
  294
  354
  421
  495
  576
  663
  757
  858
  964
  1,077
  1,196
  1,320
  1,451
  1,587
  1,729
  1,877
  2,031
  2,191
  2,357
Operating income, $m
  -4
  -7
  -10
  -15
  -21
  -29
  -39
  -51
  -66
  -83
  -103
  -126
  -152
  -180
  -212
  -247
  -284
  -325
  -368
  -413
  -462
  -513
  -566
  -622
  -680
  -741
  -804
  -870
  -939
  -1,010
EBITDA, $m
  -4
  -6
  -9
  -13
  -18
  -24
  -33
  -43
  -55
  -70
  -86
  -106
  -127
  -152
  -178
  -207
  -239
  -273
  -309
  -347
  -388
  -430
  -475
  -522
  -571
  -622
  -675
  -731
  -788
  -848
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  3
  5
  7
  9
  11
  15
  18
  23
  27
  33
  38
  45
  52
  59
  67
  75
  84
  93
  103
  114
  124
  135
  147
  159
  172
Earnings before tax, $m
  -4
  -7
  -11
  -16
  -23
  -32
  -44
  -58
  -74
  -94
  -118
  -144
  -174
  -208
  -245
  -285
  -329
  -376
  -427
  -480
  -537
  -597
  -659
  -725
  -794
  -865
  -940
  -1,017
  -1,098
  -1,182
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -4
  -7
  -11
  -16
  -23
  -32
  -44
  -58
  -74
  -94
  -118
  -144
  -174
  -208
  -245
  -285
  -329
  -376
  -427
  -480
  -537
  -597
  -659
  -725
  -794
  -865
  -940
  -1,017
  -1,098
  -1,182

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  21
  33
  49
  71
  101
  138
  186
  244
  314
  396
  492
  601
  725
  862
  1,014
  1,180
  1,359
  1,551
  1,757
  1,975
  2,206
  2,449
  2,704
  2,971
  3,250
  3,541
  3,844
  4,159
  4,487
  4,828
Adjusted assets (=assets-cash), $m
  21
  33
  49
  71
  101
  138
  186
  244
  314
  396
  492
  601
  725
  862
  1,014
  1,180
  1,359
  1,551
  1,757
  1,975
  2,206
  2,449
  2,704
  2,971
  3,250
  3,541
  3,844
  4,159
  4,487
  4,828
Revenue / Adjusted assets
  0.286
  0.273
  0.286
  0.282
  0.277
  0.283
  0.280
  0.279
  0.277
  0.280
  0.278
  0.280
  0.279
  0.280
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
Average production assets, $m
  4
  6
  8
  12
  17
  23
  31
  41
  53
  66
  82
  101
  122
  145
  170
  198
  228
  260
  295
  331
  370
  411
  453
  498
  545
  594
  645
  697
  752
  809
Working capital, $m
  -12
  -19
  -28
  -41
  -58
  -79
  -106
  -140
  -180
  -227
  -282
  -344
  -415
  -494
  -581
  -675
  -778
  -888
  -1,006
  -1,131
  -1,263
  -1,402
  -1,548
  -1,701
  -1,861
  -2,027
  -2,201
  -2,381
  -2,569
  -2,764
Total debt, $m
  5
  13
  25
  40
  61
  88
  122
  163
  213
  271
  339
  417
  505
  603
  711
  828
  956
  1,093
  1,239
  1,394
  1,558
  1,731
  1,913
  2,102
  2,301
  2,508
  2,723
  2,947
  3,180
  3,422
Total liabilities, $m
  15
  23
  35
  51
  72
  98
  132
  173
  223
  282
  350
  428
  515
  613
  721
  839
  966
  1,103
  1,249
  1,404
  1,569
  1,741
  1,923
  2,113
  2,311
  2,518
  2,733
  2,957
  3,190
  3,432
Total equity, $m
  6
  9
  14
  21
  29
  40
  54
  70
  91
  114
  142
  174
  209
  249
  293
  341
  393
  448
  508
  571
  638
  708
  782
  859
  939
  1,023
  1,111
  1,202
  1,297
  1,395
Total liabilities and equity, $m
  21
  32
  49
  72
  101
  138
  186
  243
  314
  396
  492
  602
  724
  862
  1,014
  1,180
  1,359
  1,551
  1,757
  1,975
  2,207
  2,449
  2,705
  2,972
  3,250
  3,541
  3,844
  4,159
  4,487
  4,827
Debt-to-equity ratio
  0.800
  1.380
  1.740
  1.960
  2.110
  2.200
  2.270
  2.320
  2.350
  2.370
  2.390
  2.400
  2.410
  2.420
  2.430
  2.430
  2.430
  2.440
  2.440
  2.440
  2.440
  2.450
  2.450
  2.450
  2.450
  2.450
  2.450
  2.450
  2.450
  2.450
Adjusted equity ratio
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289
  0.289

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4
  -7
  -11
  -16
  -23
  -32
  -44
  -58
  -74
  -94
  -118
  -144
  -174
  -208
  -245
  -285
  -329
  -376
  -427
  -480
  -537
  -597
  -659
  -725
  -794
  -865
  -940
  -1,017
  -1,098
  -1,182
Depreciation, amort., depletion, $m
  1
  1
  2
  2
  3
  5
  6
  8
  11
  13
  16
  20
  24
  29
  34
  40
  46
  52
  59
  66
  74
  82
  91
  100
  109
  119
  129
  139
  150
  162
Funds from operations, $m
  -4
  -6
  -9
  -14
  -20
  -28
  -37
  -49
  -64
  -81
  -101
  -124
  -150
  -179
  -211
  -246
  -283
  -324
  -368
  -414
  -463
  -515
  -569
  -625
  -685
  -746
  -811
  -878
  -948
  -1,020
Change in working capital, $m
  -5
  -7
  -9
  -13
  -17
  -22
  -27
  -33
  -40
  -47
  -55
  -63
  -71
  -79
  -87
  -95
  -103
  -110
  -118
  -125
  -132
  -139
  -146
  -153
  -160
  -167
  -173
  -180
  -188
  -195
Cash from operations, $m
  1
  1
  0
  -1
  -3
  -6
  -10
  -16
  -24
  -34
  -46
  -61
  -79
  -100
  -124
  -151
  -181
  -214
  -250
  -289
  -331
  -375
  -423
  -473
  -525
  -580
  -637
  -697
  -760
  -825
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -2
  -3
  -5
  -6
  -8
  -11
  -13
  -16
  -20
  -24
  -29
  -34
  -40
  -46
  -52
  -59
  -66
  -74
  -82
  -91
  -100
  -109
  -119
  -129
  -139
  -150
New CAPEX, $m
  -1
  -2
  -3
  -4
  -5
  -6
  -8
  -10
  -12
  -14
  -16
  -18
  -21
  -23
  -25
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
Cash from investing activities, $m
  -1
  -3
  -4
  -6
  -7
  -9
  -13
  -16
  -20
  -25
  -29
  -34
  -41
  -47
  -54
  -62
  -70
  -78
  -86
  -96
  -105
  -115
  -125
  -136
  -147
  -158
  -170
  -182
  -194
  -207
Free cash flow, $m
  -1
  -2
  -4
  -7
  -10
  -16
  -23
  -32
  -44
  -58
  -76
  -96
  -120
  -147
  -178
  -213
  -251
  -292
  -337
  -385
  -436
  -490
  -548
  -608
  -671
  -738
  -807
  -879
  -954
  -1,033
Issuance/(repayment) of debt, $m
  5
  8
  12
  16
  21
  27
  34
  41
  50
  59
  68
  78
  88
  98
  108
  118
  127
  137
  146
  155
  164
  173
  181
  190
  198
  207
  215
  224
  233
  242
Issuance/(repurchase) of shares, $m
  6
  10
  16
  23
  32
  43
  57
  74
  95
  118
  145
  176
  210
  247
  289
  333
  381
  432
  486
  543
  604
  667
  733
  802
  874
  949
  1,027
  1,108
  1,193
  1,280
Cash from financing (excl. dividends), $m  
  11
  18
  28
  39
  53
  70
  91
  115
  145
  177
  213
  254
  298
  345
  397
  451
  508
  569
  632
  698
  768
  840
  914
  992
  1,072
  1,156
  1,242
  1,332
  1,426
  1,522
Total cash flow (excl. dividends), $m
  11
  17
  23
  32
  42
  54
  68
  84
  101
  119
  138
  157
  178
  198
  218
  238
  258
  277
  296
  314
  332
  350
  367
  384
  401
  418
  436
  453
  471
  490
Retained Cash Flow (-), $m
  -6
  -10
  -16
  -23
  -32
  -43
  -57
  -74
  -95
  -118
  -145
  -176
  -210
  -247
  -289
  -333
  -381
  -432
  -486
  -543
  -604
  -667
  -733
  -802
  -874
  -949
  -1,027
  -1,108
  -1,193
  -1,280
Prev. year cash balance distribution, $m
  19
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  23
  6
  8
  9
  10
  11
  11
  9
  6
  0
  -8
  -18
  -32
  -50
  -70
  -95
  -123
  -155
  -190
  -229
  -272
  -317
  -366
  -418
  -473
  -531
  -592
  -655
  -721
  -790
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  22
  6
  7
  8
  8
  8
  7
  6
  3
  0
  -4
  -8
  -12
  -17
  -21
  -24
  -27
  -29
  -29
  -29
  -28
  -26
  -24
  -21
  -18
  -15
  -13
  -10
  -8
  -6
Current shareholders' claim on cash, %
  86.5
  73.9
  63.4
  54.7
  47.4
  41.3
  36.1
  31.7
  28.0
  24.7
  21.9
  19.5
  17.4
  15.6
  14.0
  12.5
  11.3
  10.2
  9.2
  8.3
  7.5
  6.8
  6.1
  5.6
  5.1
  4.6
  4.2
  3.8
  3.5
  3.1

Athersys, Inc. is an international biotechnology company that is focused primarily in the field of regenerative medicine. The Company's MultiStem cell therapy, an allogeneic stem cell product, is its lead platform product and is in later-stage clinical development. Its clinical development programs are focused on treating neurological conditions, cardiovascular disease, inflammatory and immune disorders, certain pulmonary conditions and other conditions where the standard of care is limited or inadequate for many patients. In the neurological area, the Company evaluated in a completed Phase II trial, the potential for MultiStem treatment of patients with a history of neurological damage from an ischemic stroke. The Company initiated a Phase II clinical study in the United States for the administration of MultiStem cell therapy to patients with a history of an acute myocardial infarction, or AMI.

FINANCIAL RATIOS  of  Athersys (ATHX)

Valuation Ratios
P/E Ratio -11
Price to Sales 9.7
Price to Book 15
Price to Tangible Book
Price to Cash Flow -15
Price to Free Cash Flow -12.7
Growth Rates
Sales Growth Rate 41.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -68.2%
Ret/ On Assets - 3 Yr. Avg. -65.8%
Return On Total Capital -96.8%
Ret/ On T. Cap. - 3 Yr. Avg. -94%
Return On Equity -96.8%
Return On Equity - 3 Yr. Avg. -94%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -88.2%
EBITDA Margin - 3 Yr. Avg. -440.5%
Operating Margin -88.2%
Oper. Margin - 3 Yr. Avg. -560%
Pre-Tax Margin -88.2%
Pre-Tax Margin - 3 Yr. Avg. -440.5%
Net Profit Margin -88.2%
Net Profit Margin - 3 Yr. Avg. -440.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ATHX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATHX stock intrinsic value calculation we used $3.708 million for the last fiscal year's total revenue generated by Athersys. The default revenue input number comes from 0001 income statement of Athersys. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ATHX stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ATHX is calculated based on our internal credit rating of Athersys, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Athersys.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ATHX stock the variable cost ratio is equal to 175%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ATHX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Athersys.

Corporate tax rate of 27% is the nominal tax rate for Athersys. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ATHX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ATHX are equal to 60.1%.

Life of production assets of 3.5 years is the average useful life of capital assets used in Athersys operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ATHX is equal to -205.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $23.376 million for Athersys - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 138.584 million for Athersys is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Athersys at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Athersys Reports Third Quarter 2018 Results   [04:05PM  GlobeNewswire]
▶ Athersys to Host Third Quarter Financial Results Call   [Oct-09-18 04:00PM  GlobeNewswire]
▶ Athersys to Present at 2018 Cell & Gene Meeting on the Mesa   [Sep-24-18 06:00AM  GlobeNewswire]
▶ Who Are The Major Shareholders Of Athersys Inc (NASDAQ:ATHX)?   [Sep-20-18 11:14AM  Simply Wall St.]
▶ Athersys Reports Second Quarter 2018 Results   [Aug-07-18 04:05PM  GlobeNewswire]
▶ Athersys, Inc. to Host Earnings Call   [02:30PM  ACCESSWIRE]
▶ Athersys to Host Second Quarter Financial Results Call   [Jul-10-18 04:00PM  GlobeNewswire]
▶ Athersys Enters Oversold Territory   [Jun-22-18 07:26AM  Zacks]
▶ Benzinga Pro's 5 Stocks To Watch Today   [Jun-07-18 08:41AM  Benzinga]
▶ 5 Biotech Stocks to Boost Your Portfolios Health This Year   [May-31-18 11:23AM  InvestorPlace]
▶ Athersys Reports First Quarter 2018 Results   [May-10-18 04:03PM  GlobeNewswire]
▶ Athersys to Host First Quarter Financial Results Call   [Apr-12-18 04:00PM  GlobeNewswire]
▶ Edited Transcript of ATHX conference call or presentation 28-Jul-10 8:30pm GMT   [Apr-11-18 02:56AM  Thomson Reuters StreetEvents]
▶ Best Growth Stock in March   [Mar-30-18 12:02PM  Simply Wall St.]
▶ Athersys, Inc. to Host Earnings Call   [12:15PM  ACCESSWIRE]
▶ Athersys to Host Year-End 2017 Financial Results Call   [Feb-12-18 01:30PM  GlobeNewswire]
▶ Athersys CEO to Speak at the 2018 Brain Health Summit   [Jan-29-18 06:00AM  GlobeNewswire]
▶ Athersys Reports Third Quarter 2017 Results   [Nov-08-17 04:03PM  GlobeNewswire]
▶ Athersys, Inc. to Host Earnings Call   [01:30PM  ACCESSWIRE]
▶ Athersys to Host Third Quarter Financial Results Call   [Oct-09-17 10:00AM  GlobeNewswire]
▶ Athersys Reports Second Quarter 2017 Results   [Aug-09-17 04:05PM  GlobeNewswire]
▶ Athersys to Host Second Quarter Financial Results Call   [Jul-10-17 10:00AM  GlobeNewswire]
▶ ETFs with exposure to Athersys, Inc. : July 7, 2017   [Jul-07-17 02:30PM  Capital Cube]
▶ Athersys Reports First Quarter 2017 Results   [May-09-17 04:05PM  GlobeNewswire]
▶ Athersys to Host First Quarter Financial Results Call   [Apr-10-17 11:00AM  GlobeNewswire]
▶ ETFs with exposure to Athersys, Inc. : March 27, 2017   [Mar-27-17 03:49PM  Capital Cube]

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