Share Cafe webinar 9th August, page-5

Cash as at 30 June was $12.639m, which combined with R&D refund of say $4.5m, takes total cash balance to $17.139m. Current cash burn is around $5m per quarter, so assuming this remains steady (or lower), they have sufficient cash to March 2025, which is after Phase 2 release. If Phase 2 is successful, one would (hopefully) think they trade higher than current mkt cap, so CR may not be as detrimental as it is if raising capital now.

If Phase 2 results read well, early FDA approval is a possibility, plus potential partnership with mid/large Pharma as they will be more than happy to pick up an asset that the market doesn't fully appreciate and in which they see asymmetric upside.

In the coming months, we may well see a change to the Primary Endpoint for Phase 2 to Brain Volume, with reduction in Iron as a secondary endpoint. IMO, this would give a higher chance of a successful readout and ultimately early FDA approval as it adds more objectivity and substance to the results. It also adds risk, as we saw what occurred with ACW today when they missed their primary endpoint but hit their secondary.

Whilst I have been critical of their capital management and messaging, on this issue, I think Stamler is being very measured and thorough.

All IMO only.