At the end of 2019 they had about 30mil AUD burning about 5-7 quarter which puts current horde around 20mil AUD. Recent study showed average cost of Phase 3 study was 19mil USD
https://www.raps.org/news-and-articles/news-articles/2018/9/phase-3-trial-costs-estimated-at-19m-study-finds
They will need at least 2 studies (40 million USD) plus all the other manufacturing requirements. If I do the math they may have more money than other biotechs but still not enough to fund the Phase 3 without partner or CR. The funds that bought in last year likely knew they would need to add more money, the question remains are they even still invested and willing to pony up another 100mil USD to drive us across the finish line. They no longer have Chief Commercial, CMO or CFO on their website https://www.botanixpharma.com/about/ all who would be important in a go to market scenario for acne.
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