Just add up the quarterly R&D spend from the 18-19 FY, and 43% of that is covered in the rebate. Roughly it was 6-7 million from memory.
They will have to raise, whether it is post acne, ad or anywhere inbetween. Whether it is a takeover, licensing deal or normal CR. A CR probably wouldn't go to an Australian broker this time around if they had one, given the company is effectively based in the US now.
Next Capital Raise, page-7
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