Ann: AGM Presentation, page-2

"Over the last two years, Acrux has generated $20 million in revenue. The majority of this is revenue from our commercialised products."

Are these guys taking the piss, or am I missing something?

In both financial years ending June 2023 and June 2024 the business generated a sum total licencee fee 'revenue' of about $17.4m (ie operating revenue, ex of royalty divestments etc). But of this $14.7m were "pass though" expenses for cost-of-goods to the commercial partner (ie re-imbursement to Acrux of costs). No reasonable person would class this as "revenue".

So in my book, that leaves revenue from commercialised product, in the two years, of about $2.7m. If we include the tax-payer funded generosity a la tax rebates, we can throw in an extra $6.3m, for a sum total of $8.9m. So of revenues that could be classed as "normal operating", about 70% are tax rebates.

Hello? Can someone please tell me I'm getting something wrong!