Ann: Annual Report to Shareholders, page-4

Ooft.

$11m in the bank, barely covers the annual interest on the existing loans (~$9m).

State that FDA explicitly asked for another RCT in 2020, they didn't do one, got shut down again this year and now aim to do a phase 3 trial in adults after all - 3 years later than they should have.

Vague about whether they can get the paediatric indication over the line without this trial - my forecast is the FDA will be awaiting those results (as this is explicitly what they asked for), but Si has of course worded his statement vague enough to sprinkle some hope over the desperate masses.

Time will tell. But the clock is ticking. They brag about cutting expenses the last two years - they aren't running trials, that's not cutting expenses that's just not doing as much as they previously were.

Think the expenses will remain low when they start recruiting? Think they can get the trials funded externally? What will that indirectly cost them? There's no free lunch. And why didn't they do that for the other trials?

I can't even see the individual flags, it's just a sea of red.

Tread with caution.