Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-10

A quick summary of the QR:

• Revenue dropped about 38% compared to the previous Quarter.
• The $5.5m R&D grant was the saviour.
• Excluding the Grant, Starpharma lost about $4.4m for the Quarter.
• Of note, next year’s expected one off R&D Grant in Q4 CY 2025 is likely to be significantly less. Perhaps as little as $1.5m - $3m due to the 3 internal Phase 2 DEP trials finally finishing. (One was 5 years late based on original guidance to shareholders)
• I interpret the meetings with regulators about clinical development pathways over ‘coming months’ to ‘support scope for commercial deals’ as code for: there is little chance of signing a deal by the most recent and generous revised CEO stated timeline of 9 months (Feb 2025) in my opinion.