What the ...... is wrong with this stock ?, page-16

Looking at the financial picture on its own it is much worse in Q3 2019 than Q3 2018. On Balance Sheets items Current Assets have decreased by $16M made up of a reduction in trade and other receivables of $47M of which $39 was a loan from Nova Quest taken in 2018 and recognised as cash in 2019. Due to a loss in the P/L account, cash has been reduced. Furthermore interest paid on borrowings saw an increase of almost $8M. Taking into account current and non current liabilities which saw an increase of $28M, the Net Assets in Q3 2019 shows a reduction of $46M. The Quick ratio figure which is Current assets less Current liabilities shows a reduction of $35M over the previous quarter. While this reflects that MSB is able to meet its financial obligations for another 2 quarters before drawing further on its facilities, it would be in MBS's interest to tie up a partnership or get the GVHD approved asap so that there is a revenue stream.
A source of concern is a statement made in the Form K-6 under the heading "going concern where its states " There is uncertainty related to the Group's ability to partner programs, raise capital or debt at terms to meet the Group's requirements. Additionally, there is uncertainty related to the Group's ability to sustainably maintain implemented cost reductions and further defer programs on a timely basis while achieving expected outcomes." While this may be a standard statement required by US accounting requirements it is a negative statement which may frighten some.
The achievements in this current announcement are encouraging and lets hope that progress is made sooner rather than later.