If you doubt that Dr Sud has the ability to convert 200m oppies...

If you doubt that Dr Sud has the ability to convert 200m oppies at 20c where he has had 2 years notice, then the cash situation is still mute as the remaining 82million oppions at 8c also expiring 30th September will add a further $6.5million to the existing ~$9 million in cash.
There was actually additional 9.2 million of these converted just week bringing in a cool 736k.

With an initial IPO of $25million USD ~$33 AUD will give a pretty nice cash runway to pay for existing trials (knowing than Cannvalate are still covering the trials costs of TBI and OSA up to Phase2 (as part of initial and subsequent agreements in 2019).

So as you can see the incumbent holders here have plenty of reasons to sit back and continue to watch as this BOD ticks boxes and build the foundations of what many predict will be a multi billion dollar business in a few short years.