Ann: Annual Financial Results Presentation, page-21

Todays report is rather interesting in that on one hand we have the achievements of its lead products which show great potential to provide a promising future for the company and the financials which does not paint a pretty picture.
I must say that the presentation of the slides was impressive and this is the best we have seen to date. It was professionally done and great effort was put into presenting them to give share holders, future investors and possible partners what MSB is capable of achieving.
Shareholders in my opinion and as stated by SI should see growth in value in 2020 and I am confident that this is the case.
Now the financials show that the the loss US$89.8M is more than the previous year of US$35.3m, by US$53.5M. A $10M increase in manufacturing cost, $10.5M in financial cost of which $4.6M paid in cash as per the terms of payment, $4.3M in re-measurement of contingent consideration and $21M in Income Tax benefit reduction being the main items for this increase in loss. These were expected based on the the previous quarterly costs, hence one should not be particularly surprised about it. The revenue also fell by not too much due to a reduction in milestone payment. Revenue from Temcell which was never going to be a big source of income did however show an increase to $5M and based on what SI said that the revenue from potential sales for aGVHD for children and adults in the US would be 8 times larger than the Japanese market, gives us an indication of what to expect in 2020 and even more when marketed globally.
In terms of cash MSB has $50M as at end June 19, facilities from Hercules and Nova Quest amounting to $35m and a further $15M by way of subscription of shares exercisable by M&G. This would bring $100M. There could also be other milestone payments due and Temcell revenue which will boost up cash. Additionally let's not forget the facility from Kent Grove. Further to this if a partnership is struck between now and the end of the year and a cash injection made, would provide welcome relief and reduce the dependance on on loans.
We probably need to see the year end and wear the ups and downs of prices, but we now have greater confidence that more tick boxes have been crossed and let's look forward to the new year bringing tidings of great joy.