Ann: 2023 Annual Report to shareholders, page-131

I would add to this that Neuren seems to have far more disciplined cost management compared to other ASX health care stocks. For example, go read AVR's 4C (who burnt through 22million in 3 months) . They are running an EFS study for a device and their staff costs have been 8-9x ours, despite the fact we're running 4 phase 2 trials concurrently. Totally different businesses but it's clear Jon actually respects shareholders and their investment by the fact their numbers have consistently been good and we've only raised money when we've needed it. The raise up to the P3 result was a good hedge, even if we technically didn't need it.

My point is, if Jon were to do this, I doubt he would raise some money and then come back asking for more. I think it is far more likely that they are wanting to appear as if they are willing to go alone to partners or an acquirer.