Don't you find Leslie's comment regarding cash runway misleading? Once you know what to look for in how Leslie's chooses to to disclose, I would say it's deliberate.
3 quarters of cash left with R & D rebates.
We're over halfway in quarter 1. Quarter two takes them to April. Oh but add in R & D tax rebates owed to make it until July.
Well they have not received their R & D tax rebate for FY 23. Why hasn't Leslie made any comment on this? It's well overdue now. Why is the ATO delaying its processing and payment?
Given this, when does one therefore expect the payment of R & D FY 24? By Christmas? Unlikely, looks like June 30th best case. But they need both R & D rebates to have 3 quarters and make it to June 30th.
By my sums they run out of funds and become insolvent from approximately end of April. They'll need to raise external funds before this. (Commerical deal or cap raise). A capital raises take 2 months to complete.
End of February they'll have to raise cash.
If Leslie was being fully transparent she should have said we have 3 months of cash runway left before raising more capital becomes our top priority.
DYOR not advice
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