Webinar, page-52

They project 7M/qtr cash burn, so let's say 30M a year for the next 2 years. I expect R&D expense to go up some, particularly next year, but I also expect increasing burn revenue and BARDA money to offset much if not all of the increase. That would leave them 45M, 2 1/2 times cash required at YE 2024. So they shouldn't need an equity raise before then. I'd expect them to at least wait until RCEL price recovers before they do another one. As much as folks complained about previous equity raises they are looking like pretty good management to me. Better to raise money when you don't need it than when you do. Should they get human trials approved for the two new indications I suspect they may need an equity raise to fund the trials. Money well spent.