Ann: Appendix 4C - quarterly-IVX.AX, page-10

But to sell you need someone with the faith to buy. So it's not all bad.
With enough cash for another 12 months or so, there is some hope despite 100% rejections so far.
The mood for investment in the US is very soft with the election looming. There are other issues with regulations etc so it's known that the pharmas are holding back for the time being. It's not unreasonable to expect something by June next year no matter how lightweight it may be. Any step forward should be and will be pursued.
These guys are world experts with great track records. They wouldn't waste their time flogging a dead horse, it's just the timing and a slightly open door that we need.