This is why it's important (and was a good call from management)...

This is why it's important (and was a good call from management) that they've paused DX3 work.

Quarter ended 30 Jun 2023 R&D spend: $1.98m
Quarter ended 30 Sep 2023 R&D spend: $1.05m
Quarter ended 31 Dec 2023 R&D spend: $487k

They've done really well bringing the R&D spend down to focus on getting DX1 to trials with the cash they have. At this level, including staff and corporate costs, they've got 5 quarters of cash to fund operations. The R&D spend will still increase when they get back into production this quarter and ramp up towards trials, but they may have avoided needing a raise for now. I'd expect they might try and get a raise off the back of potentially positive news flow such as a successful production run and launch of the clinical trial (2H CY2024). If they hadn't paused DX3 work, it'd be a completely different picture.