Ann: Annual Report to shareholders , page-37

Just playing with you old sport :)

I am loving your posts, keep it up!

In their latest quartlery brought their cash balance up to $1.8m from $0.9m.... so we can obviously breathe a bit.

BUT, I know most wouldn't care but they did dip 10% into their $40k credit facility. They got the $2m JV signing fee +$160k royalties, and they spent $1.1m, in their first quarter of APAS development.... so at the end of round 1 they are left with $900k to add on to their existing $900k.

They got 3 rounds to go at least for APAS development.

We can make a newbie assumption that they will not increase cash burn beyond the current $1.1m/quarter to progress APAS.

That's a minimum $3.3m left of spending if things wrap up in 9 months.... Research can drag on for years longer, or easily cost more than budget. There is no ceiling...

Meanwhile we only have $4m maximum JV milestone payments assuming 100% R&D success rate achieved.

All I'm saying is that although I am excited as all of you, best to curb your expectations for now.

I only wish I had the funds to attend their AGM. Anyone going?