Hence why I asked as I did do DDEstimated quarters of funding...

Hence why I asked as I did do DD

Estimated quarters of funding available (item 8.4 divided by item 8.1) 7.03

• Cash balance of $11.5 million at 31 December 2023.1

The increase in R&D spend for the December quarter ($4.97 million) compared to the September quarter
($3.23 million) reflected increased clinical trial activity as the XanaMIA Phase 2b AD trial commenced
investigational site activation.
The Company received an R&D tax incentive refund from the Australian Tax Office for the 2023 financial year
of approximately $4.79 million on 28 November 2023.

So they've got $11.5m at the start of the '23, and spending 3-4m per Q less rebates (half?). Say net 2-2.5m/Q.

What am I missing?

I can't see any CR based shorting that normally aligns to a discounted CR etc Be nice if the SP touched 3c or lower but

.031

1		01/12/23	Dr Nicki Vasquez	Issued	5,500,000
2	01/12/23	Dr Nicki Vasquez	Issued	5,500,000	$0.031	$171,875	Issued under employee share plan
1,875	Issued under employee share plan
3	01/12/23	Mr Malcolm John McComas	Issued	4,500,000	$0.031	$140,625	Issued under employee share plan
4	01/12/23	Dr George Morstyn	Issued	4,500,000	$0.031	$140,625	Issued under employee share plan
5	01/12/23	Dr Steven Gourlay	Issued	20,000,000	$0.031	$625,000	Issued under employee share plan
6	01/12/23	Dr Geoffrey E.D Brooke	Issued	12,000,000	$0.031	$375,000	Issued under employee share plan

their loan accounts ... 25% vesting after 12 months, and remainder monthly for the next 12 months ... not so sure they'll want to discount for a raise accordingly.

Just an observation.