Ann: Activities Update Qtr Ending September 2023 and Appendix 4C, page-6

Lots in the pipeline, but no QoQ growth disappointing. Like many, I am sure, I tend to look at trailing yearly receipts on these and see in AUD the last 4 qtrs produced $1,981K vs $1,611K on comparable. A decent 23% growth, but off such a low base, just not enough given its cash burn obviously.

Best be a cash injection of some form coming from the CellHeal extension to end of October or the Innoventure JV.

It certainly doesn't need any more staff, those on board just not producing enough revenue per head. The allocated staff expense cash flows are too high. The revenues (and presumed linear manufacturing costs) need to be 3 times those reported just to be pushing breakeven at the present reported cash flows on costs.

Need at least a $5 million AUD injection and those YOY growth rates in the 40% range, not 20% to even suggest becoming cash flow positive.