Your calcs are off if they received 866k in your scenario then they would have about that much in the bank 1.45m - 1.5m(2 * 0.75) +866k = 816k
They have 1.45m in bank
If we agree they have burn 750k and let's say more conservatively 350k in receipts that's -800k so that leaves them with 650k plus they'll get the 500k R&D (unless anyone can tell me why they won't) in Sep quarter so that leaves them around 1.15m cash after 2 quarters
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