Ann: Q2 2024 update, page-14

Now that I have the time to properly digest the information from this morning.

• $213m cash is less than I expected but I missed the fact they had a tax liability which is now paid of $34m. Otherwise, net cash would have increased a bit on my crude calculations. Being cash flow positive (even if slightly) on the backdrop of high R&D spend is great. There are R&D tax refunds can apply, too.
• Manufacture of NNZ-2591 has commenced this shows that the extra costs have been mostly absorbed by Daybue revenue and shows confidence in the NNZ-2591 PMS programme.
• 46% less discontinuations with the long term persistence staying 10% above the extension trials is very comforting. These metrics back up that ACAD has just made a mistake on the up-take. This isn't great either, but slower uptake is a much better outcome than uptake being faster with more discontinuations occurring. This just softens the blow of the Q2 results, and I expected that we'd have taken a SP dive if we were trading but I wonder how much of this is priced in given we dropped 15% in a month already (and -31% YTD) with 2 positive trial results.