Ann: Annual Report to shareholders, page-8

So the annual report looks flashy enough- it follows a similar format/vibe to last year but they've given the graphics much more space, and there's much more explanatory text, so the document works reasonably well as an introduction to the company.

An obvious comparison: last year the report was 45 pages long. This year it's 92.

Let's look at the financials. Note that I'm going to round the numbers liberally to keep it simple.

The company spends $10m a year.
It earns $1m a year.
It gets a $2m gift from the government every year.

So every year it loses $7m.

And currently the cash balance is a bit under $7m.

Of course that cash isn't going to wind down to zero. There'll be a raise when the balance is somewhere in the $2-3m range. Which will be by the middle of next year.

Now I was well and truly expecting them to be on market now. I thought- perhaps foolishly- that the CMS pricing was the last hurdle and then it was all systems go. However, on page 15 it states that they plan to launch in FY25. Now that's a pretty large window, it could be anywhere between now and... the middle of next year.

Couple into that: we have no idea what the terms of royalty payments. Are they paid quarterly? Once the product hits the market there may be a delay before the money starts rolling in.

Now I'm used to things running slowly in biotech. Everything always takes longer than you'd expect. And radio silence is not that unusual. During the day I thought of some of the times companies had quietly extended their timelines without going into details as to why, so I should probably be careful of letting impatience get the better of me.

But still, it would be great to get some idea of when this product will hit the market. Only then we'll discover if the market is really there, and the income potential really is what we think it might be. But most importantly, then we'll finally get some confidence that the company can execute the plan, which will raise confidence in the rest of the pipeline.