Read it again.
It says funded to late CY2025 subject to the SP remaining strong (so that options continue to be converted early).
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As at 30 June, there was $9m cash. Plus R&D rebate due of about $7m. Total $16m
The AD trial is more expensive than the MDD trial. Spending on the AD trial plus staff costs will be about $4m per quarter.
The SP hasn't remained strong. If it doesn't recover to over 3.75c, nobody will be exercising options at all, let alone doing it early.
Without any revenue from options exercise, ACW is funded to about June 2025.
Ann: ACW June 2024 quarterly activity report & Appendix 4C, page-10
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