Ann: Appendix 4D & Half-Year Financial Statements, page-39

Ok, here we go.....







Cash = $16.4M
Commitments for next 12 months approx = $4M
Costs outside of R&D and marketing approx = $4.4M

Pledge's estimate costs needed in the next 12 months to commence the GVHD P2 FDA trial only (nothing else) = $8M (inclusive of US exchange rate).



If CYP deliver on the GVHD promise and aren't able to get anyone to pay for the trial, then there is $0 in 12 months.

Notes:

1. I am being conservative. And broad - I have not touched any other costs.
2. I actually believe they will need AU$10M to deliver on the promise of the GVHD P2 FDA trial (I rounded down). I also think doing it remotely will add another 30% to that but let's run with what we have.
3. At record lows a CR in the next 12 months would be disastrous.
4. Given all of the above at best you come out of this with $0 and a completed P2 trial.
5. I would be asking how the hunt for a sponsor to pay for the promises is going? Not much of a mention in this report for something that is critical.
6. I wish shareholders luck. Even Hector.