Ann: Appendix 4E and Annual Report, page-16

Interestingly from the financials, that $3m was received from Pfeizer up front for their joint research, and of that $2.4m is still to be earned. This means that RAP could work all 2022-23 and earn the same revenue next year just on the Pfeizer contract, and receive no further cash. Not a great state of affairs from a cash perspective. Had revenue of $2.5m yet receipts from customers of $4.5m, with most of the additional being the Pfeizer contract and the rest the change in trade receivables.

Assuming the takeover falls over, a large cap raise will be absolutely required, just to complete the obligations on the Pfeizer contract, let alone any other operational costs.

Anyone else find anything interesting in the accounts? Thoughts on at what price a cap raise would be at?