Introduction from the Phylogica Investor Relations team, page-11

Im as frustrated as anyone else, but it is a bloody tragedy if this actually an official pyc company feed and all that happens is they get abused.

The reality is no company will officially state they are anticipating a CR shortly... i mean seriously???? I wish the world was that transparent and open and straight forward but i must admit i realised that was not the case with any company a long time ago. I have contacted more than one company and director to be told all is good only to be hit within months. ItIts all in the figures. They are legally obliged to give the reports and 4C's as pyc has. As an investor it is our job to look at these figures and work out what might occur as a result. This is one thing you wont find if you buy purely on a price spike on a chart or a nice uptrend. Took me a long time to vaguely understand balance sheets/4c but reality is the statement on cr or not will always be apparent in 4c, nowhere else. The lesson is learned using asx trading halts and gap down opens. Ive seen a few now and no chart predicts them, in fact more often a pump into the dump??

The facts are we just spent 3 million last qarter "pivoting" (1.5mil apparently consultants just "telling us to pivot?") and the last 4c predicted another 3 million spend for next quarter. Acording to the last 4c we had 7.9 mil at the start of september and now we have as of Dec 4.8 million left. If we spend 3 million this qarter as predicted we have 1.8 million left at end of qarter. Original pyc qarterly cash burn was 1.5 million ish, it appears at least from last and predicted next qarter 3 mil is the new standard. If this is the case we cannot complete july to september qarter without cash injection.

Obviously the hope of company and all holders is a significant deal will bring the cash before a raise is necessary. Realistically the last milestone from Genentech of 2 mil was one of our best payments yet, and that amount would still be insufficient.

If i had any questions for the company it would be:-
1. can you clarify exactly how the 1.5 million dollars was spent on consultants. Ie was this purely for the imyc halt and platform pivot? Or did it go into product development.
2. Is 3 million going to be the normal qarterly cash burn, as this has doubled from previous. If so finance will be a MASSIVE issue as it was hard raising cash at previous burn rate.
3. Why did directors reveal to the general market that large holders want out? How can that possibly help the share price? In reality this is irrelivant as that becomes apparent anyway as soon as you see high frequency type trades along with falling share price.