Ann: Paradigm AGM Presentation, page-39

Hi Grainger. I'd go with Paul here. As Oxxa said, the company managed expectations at the time of the raise - saying the money would get them to 2024. Clearly the various trials are set to continue well after that so more cash will definitely be required. I guess then it comes down to 'where is the cash coming from?'.

Basically cash will be required by this time next year or else another raise is highly likely imo. Seeing the price action post-Day 56 results makes me think the market expects another raise. Marco's unedifying departure notwithstanding, price action has been muted. Another CR may not be needed, but I think the market is currently pricing this in as a 'somewhat likely' eventuality.

At the very earliest, TGA provisional approval could come through in early 2024. That may well be our first meaningful sales revenue - but I don't think we can bank on even this. If we get any Zilosul/OA sales revenue even by end of 2024 that represents a massive win imo. PAR might hold off until 12-month 008 data (or dependent on what the FDA/EMA say after 6-month 008 data) before even applying to TGA. As has been mentioned before, they get one shot at that - best not miss. Therefore, sales revenue is not coming to the rescue.

That leaves deals. We need a deal to avoid another CR. Paul clearly thinks this is what will happen, but we've heard that before. I think it's commendable they are taking steps to cap the timeframe for non-binding expressions of interest to move things along. I think it's also commendable - as you have noted - that Marco's deal-making nous has been amply replaced by Plexus. Paul clearly has high hopes for this strategy. Let's see if it pans out.

The deal which is coming to the fore appears to be MPS. Progress the OA trials, create FOMO or 'competitive tension' around that jewel in our crown. However, simultaneously get out there and cut a deal for MPS. Whether this happens in the next 12-months we'll have to see. If it does, whether there is enough up-front cash involved to avoid a CR is another question. Second to that opportunity, maybe Angel have the contacts to get a China-only OA deal over the line? These are the things holders should be looking out for closely in the next 10 months or so. If we hit the October 2023 quarter without a deal of any kind - i'd say another CR is close to inevitable.