Ann: $2.5m R&D refund raises Ardea cash position to $11.8m, page-14

Let’s not celebrate a $2.5m gift from the Govt too much, although it’s good news. The bigger picture here is trying to objectively assess progress against stated milestones.

When I say “objectively” I firmly believe that the ARL forum would benefit greatly if a number of contributors would be truly reflective and critical. Currently is shows that several are simply in love with the stock and I see posts here on almost a daily basis that are more like love letters than anything else.

Of primary concern:

1) In 2018 ARL spent six months working to a deadline with KPMG to find a strategic partner. Here we are in May 2019 - at what point do we decide it ain’t gonna happen?

2) If much of the $2m+ P/Q cash burn is to set up the IPO of NSW assets, how much cash will they need to yield from the IPO to get any ROI and is it even worth it?