Jon and the board could announce 5 new indications tomorrow and we'd have enough cash.
Jon is a chartered accountant and was our CFO. I trust his ability to forecast cashflow in line with the indications he would be aware for a long time with a very large margin of safety.
We spent $32m and $26m in 2024 and 2023 in R&D. Our other expenses (overhead) was 4.7m and 5.9m. For 2024 that figure in total is less than what we earnt from licensing income alone of $56.2m (ignoring all one offs)
This means we are operationally cost flow positive on licensing income alone whilst running 3 Phase 2 trials so we could comfortably add an additional 5-10 indications without any issue. Cash is not an issue for expanding NNZ-2591 - not even close!
The $50m allocated for the buyback makes little no difference given we have set aside more than we need for the PMS Phase 3 trial. We aren't going to run PH at the same time, the costs will be phased but there is sufficent cash to run that trial too even if Daybue license income growth is modest.
These costs are phased, spread across the year in which our cash flow makes up some of the difference
We also have a number of one offs still payable (First Sales In Europe) that all help offset any change in cash balance
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