They have a bit more runway than that… the notes to page 1 of the 4C show:
(1) Genentech collaboration receipt of $0.59 million in January.
(2) Research & Development tax offset of $1.966 million expected to be received during
February.
So, all things being equal from Jan 15 they have cash of $1.627m + $0.590m + $1.966m = $4.183m and a burn rate of $1,160 per quarter = 3.6 quarters remaining.
Obviously they’ll raise capital before they run out, so not exactly a stellar situation, but it’s not this Q and assumes no other income. No idea of their pipeline. Wish they would communicate more effectively with shareholders…!!
For example, from memory they wanted to show proof of concept by Dec 14 on their internal cancer trials so they can get more support / funding / deals. While they present like they’re getting close I’m not sure they’re there. Disappointingly this may mean anything coming out is potentially too late to avoid dilutive CR. How they do this will be interesting but I suspect shareholders have had enough broken promises to stump up yet again, so may have to be corporate / cornerstone investor – if they can find one?
This company is like a mirage in the desert – the illusion of salvation that is never quite in reach…!!
PYC Price at posting:
2.4¢ Sentiment: None Disclosure: Held
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