Ann: First Patients Recruited into BTX 1503 Phase 2 Acne Trial, page-79

Chances are that another CR may not be needed before or after Christmas, considering that an RD tax refund of ~ $4m is expected ( taking cash to $23m) and that allocation is as follow:
$8m of last CR

	Column 1	Column 2
0	BTX 1204: Phase 2 study	A$6.0m
1	Development of other pipeline products	A$1.0m
2	Other: operational and corporate expenses; working capital; offer costs	A$1.0m

$15m from previous CR

	Column 1	Column 2
0	BTX 1503: Phase 2 multi-centre study in US / Australia	A$8.0m
1	BTX 1204: FDA Phase 2 IND submission and preparation for Phase 2 study	A$1.0m
2	BTX 1308: clinical study	A$1.5m
3	Pipeline development	A$0.3m
4	PermetrexTM: technology support and development	A$0.3m
5	Operational and corporate expenses	A$3.0m
6	Capital raising offer costs	A$0.9m

...and considering the following from their announcement on the 20th of June:

"Based on existing cash reserves (~A$11.5m), expected receipt of R&D tax refund (~A$4m) in 2H CY2018 and proceeds from this Placement (~A$8m), Botanix is now fully funded to complete two Phase 2 clinical trials by mid-2019 and progress multiple pipeline products into Phase 1b patient studies in the near term."

....but then again, with Vesparum, Argonauts and Bell Potter having to make their pips out it...who knows?