Ann: First-in-human study update - First patient enrolled, page-126

We know that with IBX no news means no progress. Getting patient 1 took six months and while I would guess that's the hardest patient to get it's pretty clear the recruitment will be slow. Two enrollments a month is all you can expect from here.

The trial will be very lucky to finish this year with reports on the full cohort probably likely to drop in Q1 2022.

There is around 2 years of cash in the bank, though a larger trial in the second half of next year will be expensive and I expect another raise in the first half next year.

Bob has his directors fee increase, no AGM for nearly a year so there isn't much incentive for him to skip along at a decent pace. He will just bumble along with delays expected, a tiger doesn't change his stripes. He's learning as he's going and the board don't seem very good at framing a trial or hiring the right consultants to design a successful trial either. The next larger trial will be bungled just as badly and I don't think you could expect results until 2023.

If you're hanging around hoping for results to drop on an interim number of patients you might be fortunate and get something in Q4 this year.

Of course this is all guesswork on my behalf, based on watching this company for the last few years.