So I have another pharmaceutical company for your review today. The reason I've been covering some of these companies is that I'm provided a list of stocks that are getting the most active number of views, and these companies have been at the top lately. I kind of wanted to see how this goes, and hopefully will be getting back to the subject of branding shortly. If needed I might start a second blog for these kind of updates. At any rate, today's company is Tetraphase Pharmaceuticals (TTPH). Similar to Antares Pharma (ATRS) that I was talking about recently, we have another business that isn't earning money. There's something a little different this time though. The company has been issuing shares to raise pretty significant amounts of cash. They brought in $82 million in the 4th quarter last year, and another $163 million in the 1st quarter. So with that done, although the business still loses a lot of money, in the neighborhood of 9x more than they took in revenues in the 3rd quarter for example, they have significant tangible assets. There's about $218 million in tangible asset value if they needed to liquidate or were bought out today. Since the company develops antibiotics to combat drug-resistant infections, they probably have a product here that is pretty marketable to the right customer. This might be worth a buy for your speculative portfolio, as the market cap is only about a third larger than their asset value. There is some safety there, and will buy them time to work on future products.