this is actually a respectable quarterly. they are sitting on...

this is actually a respectable quarterly.
they are sitting on 60mill cash at present. forecast cash outflows are 23m but cash inflows are likely to comprise royalties from japan license for gvhd (2m), r&d rebate from govt (amount not clear but likely 5-10m within the next 2 quarters) and a small amount of interest (75k/ quarter).

if we can get a licensing agreement for the gvhd product and thus receive a cash bonus this will help nicely.

we also need a nice bump in the sp towards 2.00 to give a solid platform on whcih to raise capital.

its good that the hercules cash facility gives optionality for borrowings as an alternative to a CR if the sp remains depressed. also the equity loan facility (as we are reminded in the quarterly) is still available.

so there is likely no need to raise capital until the end of this year (assuming r&d rebate comes through) which would give us time to report 100d and 180d results from the gvhd trial and initial results from the heart failure/ lvad trial.

we just need success in gvhd at day 100 and at initial analysis in the lvad/ heart failure study and we will experience a re rate towards 2.00.