Charting Only, page-334

Mate, CHM now has a market cap of $25 million. It was $15million when the raise was opened. That increase is entirely due to increased SOI.

From friends that work in finance the only way they would have put up $10 million would have been to take over the company. And none of them would accept that amount of risk, in this environment. So no matter how good your sales skills are, in an environment where the supplier of finance has a competitive advantage you wont be upselling, regardless of how good your science is. And if you do get a supplier of funds, it would be in a very dilutive way to share holders.

You will however bring your science to the attention of the movers and shakers, who will step up when the time is right. And CHM are doing this.

But to get to those pivot points, you need to keep the pipeline progressing. And this is the fine line CHM is treading. Trying to protect share holder value while still progressing the pipeline. Two drugs hitting arms. One being paid for by other parties while CHM keep the IP, the other progressing into a phase 1b and moving to a 2nd line of treatment. Good work CHM. Another drug which is almost ready to hit arms, but is there enough cash now? CarT is a very expensive drug to progress due to its mode of operation.

To me, at least, CHM has tried to protect shareholder value but asking them for more cash. But thats a hard ask, as proven by the results. BOD members have deferred payments to stretch the money runway. Trying to ensure the major pivot targets can be reached.

So, I suggest you back back a bit, and try and take a bigger picture view of the biotech segment of the small cap ASX, over the past few years. Its on the nose to a market that is rejecting risk. Until this changes, and there are early signs this change may be slowly happening, any biotech company is having a hard time finding financing that is not massively dilutive.