Funding MSB, page-60

If you look at MSB’s history, they have raised capital when they get to around US$30-40m cash. That is around two quarters of cash burn (their usual run rate is US$20m).

the exception was the recent one in mid 2020, where they had around US$60m and raised another US$90m to help get set up for the scale of up manufacturing for COVID-ARDs.

they would have pulled back on that quite a bit this quarter given the trial did not complete, so the cash burn should decrease along with a decrease in R&D spend as the CHF and CLBP have completed.

I’d expect the cash burn to be around US$20m next quarter and will mean they have almost 4 quarters left, so i believe they will not raise capital this quarter as that would go against how they have operated in the past and because we are going to find out a few very important things this quarter which will have a big impact of when they need capital in future.

namely FDA response to Ryoncil accelerated approval, Novartis deal (60 day follow up is met next week, expect some time to follow up), and the CLBP phase 3 read out.