I think the majority of their expenses are R&D related and the...

I think the majority of their expenses are R&D related and the important thing to know here is the favorable R&D rebates they receive through the standard 43.5% ATO R&D rebate and the 43.5% AusIndustry Awards R&D rebate on top of that, so for every $100 spent on R&D they get $87 dollars back and for every $87 spent on R&D they get $75.69 back, like the how the money multiplier formula works. In the end it means that they can spend $100 on R&D 7.69 times before it actually costs them $100. Happy days and relax in the knowledge that your company is tax payer funded

Info sourced from announcements - AusIndustry Awards 15/01/2018 & April Funding update 28/03/2018