Actually, he was being unduly optimistic, with his view of, "Even without that, and without running trials there's only 6 quarters of cash remaining. With the repayment it's much closer to 1year."
Because that's an inaccurate take on the company's true underlying capital position.
At the 30 Dec 2023 balance date, the company had US$78m in Cash and US$90m of Borrowings, so they started the quarter with Net Debt of US$12m, and are likely to end the quarter with ~US$25m of Net Debt.
No way they last even a year without yet another capital injection.
Ergo, London to a brick says expect another ....uh... "financing transaction" to occur within the next 6-8 months.
.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-19
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