positive quarterly report, page-48

Ahmed - I have bought another 2.5m in the past few weeks so I doubt I could be considered as losing the faith!

TN - it totally depends on the companies access to capital and embadded capital raising via options etc

In ADO's case the cash burn is so low compared to others and they have been so cautious in the timing of their spend I'd say they have credibility to run as close a 6 months provided the story is still there to sell.

This was absolutely key to my investing in ADO ie having a key supporter and cash for 2-3 years to get the job done - I thought (privately) at the time that ther might be 1 more cap raising because I have never seen a bio successfully manage costs the way Geoff has. I always expected delays in customers etc - that is standard for any bio.

I now believe that a cap raising is highly unlikely and I really like they way ADO don't try to spin the cashflow story ie they give the cash burn runway without ANY revenue expectations.

Contrast this with another bio that I have watched closely for nearly a year (PYC) the cash burn is 6m (excluding revenue) so unless they keep getting upfronts or tax rebates or royalties they will be back for cash a few times yet.

(Comparison is ADO burn 2.5m and have 5m in bank but PYC burn 6m and have 3m in the bank so 2 yrs v 0.5yrs)

A more general answer to your how much cash question - anything under a year puts you into a higher risk category.