Completely agree Jetrodder, I found the last 10 mins the only...

Completely agree Jetrodder, I found the last 10 mins the only interesting part, rest of it repackaged old news and cliche's.

Re the cash reserves question that was asked, I find this a largely rhetorical one because the chairman is not going to say we will raise at this point in time nor is he going to say we will slow development program spending down because that means delays to market.

Re licencing example,
* its a company called Sol-Gel. Extract from their Feb 19 announcement "Perrigo (Sol-Gel's commercial partner) has received final approval from the U.S. Food and Drug Administration (FDA) for the first generic version of Zovirax® (acyclovir) cream, 5%. Annual market sales of Zovirax cream, 5%, for the latest 12 months ending December 2018 were approximately $92 million as measured by IQVIA"
* in ACR presentation they disclose Sol-Gel revenue from a 50% profit share being: 1Q19 - USD 6.3mil; 2Q19 - USD 7.8mil; 3Q19 - USD 4.0mil; 4Q19 - USD 3.4mil.
* As the first generic of Zovirax to market Sol-Gel-Perrigo would have benefited from a 6mths exclusivity period which explains drop from 1H CY19 v 2H CY19 revenue
* I guess you take 50% profit share as a guide for a first generic entrant and scale expectation back for markets that have existing generic competitors eg EMLA generic ACR is waiting approval for from FDA

Only thing that matters is immediate product launches to test ACR's value proposition v existing cash burn.