Ann: $1.5 Million R&D Tax Rebate-BIT.AX, page-2

	Column 1	Column 2
0	Cash at 31-Mar-2016:	2,726,000.00
1	R&D Rebate:	1,500,000.00
2	Rough total cash at 20-Apr-2016:	4,226,000.00
3
4	Burn rate per month (last Qtr):	282,000.00
5
6	Current cash Runway (Months):	15.0​

This obviously does not take into account the fact that there are lumpy expenses with trials. So I would conservatively estimate BIT has 9 months cash runway (pure gut-feel /assumption on my part).

That means BIT has 6-9 months to produce some good news!

The upside will be if they can do something interesting in the next 4-5 months which can result in a sustained fillip to the share price which would ultimately lead to the rights being exercised.

Still have unanswered questions on many things and BIT has previously delayed milestones, so I take the claim that the HIV trial is about to start in mid-2016 with a grain of salt. More likely Q3-Q4 CY16 based on the historical track record.