Ann: Investor Webinar Presentation, page-95

Fair points, Gekkowolf — and yeah, the history hasn’t exactly helped confidence. That said, I think where we’re at now calls for clear expectations about what’s ahead, not just what’s gone wrong.

Unless we get a solid string of announcements — something like FDA approval, strong G-BA trial outcomes, and a quarterly revenue figure that really surprises — then it’s hard to see the OSLOBs finishing in the money by June 30. Maybe something out of left field, like a regional partnership deal, could change that — but short of that, yeah, it’s a stretch.

That said, if the options do expire and we need to raise again — which seems likely — it doesn’t necessarily mean more dilution than what’s already on the table. If those 1.91B OSLOBs expire, they’re cancelled — so you’re not looking at that chunk of shares being added. And if a raise is needed, it could be done through a placement to a strategic or institutional investor, which might actually help strengthen the share register rather than weaken it.

I get the concern — it’s been rough. But this is a different management team now, and they’ve shown they can execute (they did it at Sirtex, and they got G-BA over the line despite the hurdles). I’m confident they’ll do the same with FDA. If they keep delivering like that, it puts us in a much stronger position — both commercially and when it comes to any future capital needs.