Ann: Quarterly Activity Report & Appendix 4C, page-54

A couple of points stood out to me:

1. Ineffective mouse models in ccRCC + kinase, multiple myeloma cardiotoxicity and non clinic cal significance due to low number of models.

Is it only me that is concerned that we are already in P2 cardio protect and the preclinical work is still being undertaken and not working?

2. remember we are 1 year plus into these expanded preclinicals and just advised the models are not working is there not any well characterised models already out there for this purpose, isn’t that step 1?

3. The FTO 100+ is clarified as cancer cell lines, so not unique cancers so could be x5 cancers with 25 cell lines each.

4. Broader team is amazing and that not including the heavy weights, Dominissini, Chen, Buckley, Cairns, Ransom, Kelso, Guy, Borje etc. massive team but no CMO and CSO?

5. The ‘updates’ for preclinicals are the quarterly by the looks of in, guess there are no scientific reports so have to take the words literally and no more p-values. This puts a cloak over the data, good from a commercial perspective no so beneficially for monitoring the progress or lack there of. As DrT mentioned expect usual biotech comms moving forward.

6. Alsmost forgot, reformulation. Some have mentioned but may be delayed. Based on the Race CSO ad, first task is seeing the reformulation through, if DrT is there until June then the new CSO may land then or later. This ultimately will hold up P2. Also API still in progress.

7. it would be good to know what are “strategic goals” for 2023 so we can tell if achieving or not. The only sensible way is to have an investor update or Q&A, that should always be a CEO’s first 90 day goal. Yet to see this eventuate, only got the intro (prejoining) and DrT leaving speech. Yikes…

First on the agenda should new leader new team reaffirm strategy. Missed the first boat when joining and now again Q1 is over. Let’s not make it three?

Remember quarterly should be a recap of what’s known and cash flows. So a bit of a mixed bag.