I must say I haven't come across a biotech start-up that has lower MC than cash balance and their quarterly expense that doesn't include R&D is only $1.4M per quarter and around $6M per quarter on R&D, last year BOT spent $16M on R&D and they received around 50% which is the normal rate on R&D rebate so I can't see them running out of cash for a few years....they will need to prove their medical product works in clinical trial settings though for the R&D expenditure to significantly decrease.
Comms from Management, page-42
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