Ann: Appendix 4C - quarterly, page-2

OK I've gone through the financials for the last few years and knocked together this chart, which shows some 0f the key features.

Blue bars are the R&D costs, unsurprisingly the biggest single contributor to costs. Red line is net outgoings. Note this is often lower because it's offset by grant money (but doesn't include financing/ options). The green line (axis on right) is net cash.

I have no idea what the process is for reimbursing hospitals that take part in trials- up front payments? Ongoing expenses? My guess a bit of both as there seems to be a blip up in R&D costs at the beginning of trials. I would guess that this last quarter has been expensive if there have been upfront payments to 9 hospitals for the rett IIb trial. That would explain the raise.

So this chart feeds into the question of whether the company will have to raise again or make a deal. To me it looks like R&D costs are accelerating. Given the trajectory for rett, it's entirely reasonable to expect that the next FXS trial would start end of this year which would require another ~4m chunk of money.  So another raise or deal by the end of the year, I think that's pretty conclusive.