Ann: Strategic Review, page-32

Holdtight, the June quarter cashflow was based on $1.7m cash expenses for the quarter. The average of the previous four quarters was over $3m. That’s a big reduction is quarterly cash expenses. It’s highly probably that the company held back paying expenses until the next quarter.

In terms of company valuation for the Strategic Review, the accounts for the first half of 2023 should be released later this month. For the first half of 2022 PET had Sales of $1.3m and Net Loss of ($6.5m).
Based on announcements and cash flows for the first 6 months 2023, you’d expect Sales in the region of $1.5m and a Net Loss in the $4-$5m range.

For the 18 months Sales have been around $4.5m generating Net Losses of around $16m. The losses are funded by cash, which is running down rapidly.
The operating performance of PET would be a huge problem for any suitor/ partner/ takeover. Pipeline sales need to become actually sales, and this needs to happen sooner than later.