Perfect summary, I concur on all your points. Yes conservatively...

Perfect summary, I concur on all your points. Yes conservatively US$30m (q3) + US$30m++ (q4) - $AU35m/q ($US25m) - $AU35m/q ($US25m) = break even in any case. CFO confirmed 45 to 60 days delay in receivables indeed, so Q4 latest shall be the turning point in terms of balance sheet. @Tony barber was right after all:

https://hotcopper.com.au/threads/2022-chart-thread.6826293/page-129?post_id=62758630

This will bobble. I still say end of Jan is when this will really move. (Assuming the revenue is on track)
It's actually probably time to do a PE valuation based on revenue of $22 mil per quarter up to December 31.

That revenue is a cautious approach but it's where I'd start.

Meanwhile re Zircon it looks like CB and team all seemed very excited about it so new funds could be flowing in Sept already. DKMA apparently is a formality now so with both these anns + quarterly results on 20 October so SP should hopefully be back in ATH region.

Thanks for pointing out CB's comments btw concerning "competitive misinformation" lol (I missed that out as I came in 20 min late) so he definitely follows HC drama quite thoroughly and addressed it factually The battle with Lantheus in the US is only starting, quite a good emulation IMO.