Why would they do this?
They only had $48million AUD at end of december.
The prior quarter with manufacturing they chewed through $20mill but 11.5ml or 57.5% was making the product to sell.
They've been on a hiring spree, expanding sales team and thus head count by like 20+ @ $120-130k USD a peice average im guessing.
Thats an additional 3-4 mill a year when all added up to staff costs vs this number below, prior to this general and staff costs been consistent.
The quarterly report in january for december quarter had 2.3 quarters of funding left at current run rates.
The revenue thats started even if well ahead of expectations doesnt cover the costs + ramp of manufacturing and staff.
Welcome to biotech pre scale up and commercialization stage.
Where do you suggest they get the money? You thought revenue from Q1 and we are instantly cashflow positive? Guys wake up or do some more research or read some reports.
This was expected. Lets hope when they use the 15-20 day average we get a raise above 35c.
Only thing i would love to see as part of the plan is some money set aside for synergistic acquisition, but this was always going to happen, just sucks timing is after price has tanked 10c so more dilution than ideal but was alwys going to happen.
(20min delay)