Ann: Appendix 4C - quarterly, page-73

in response to Maxybro's question, my interpretation (not trying to put words in ecoool2's mouth) - The interest is a deductible expense. I personally expect the company to be generating taxable income at some point based on Ryoncil alone (they already do in Japan). The interest should be carried forward and deducted against this taxable income. I also haven't done a deep dive into how they recognise milestone payments for income tax purposes, but some of the Grunenthal/Tasly/JCR milestone payments may be considered income for tax purposes. They would thus be able to offset that against carried forward losses (incl. interest expense). It's not profit per se that matters, it's taxable income. Equally just because they don't 'pay' tax doesn't mean that its useless, the deduction helps them not pay tax and ultimately preserve cash flow. I appreciate you need to spend a dollar in interest to get an effective 30c deductive, but that I believe is exactly how ecoool2 calculated those rates (please correct me if I'm wrong). Just thoughts from a lay person, but this is basic accounting and finance. DYOR.