Ann: Appendix 4C - quarterly, page-254

If our build up looks like heading to 5 mill for this year I'd be getting worried. I'm thinking 3-5 million per quarter from Q2 onwards. But I will include grants as revenue, as I feel that there is a chance DoD payments will be listed on a 4c as grants until commercial contracts are written up (as I'd assume trials receive grant payments, not 'sales')

If they could t get 5 million for the calendar year it means that either
A. They've been lying
Or
B. They have no idea how to realistically forecast.
Both of those reasons are automatic sells for me.

So far most of alexiums forcasts have been somewhat accurate (DoD deal, increasing commercial contracts etc.) so I have no reason to doubt their forecast at this stage (around 18 million worst case)