Ann: Appendix 4C - quarterly, page-3

Pretty ballsy that they are predicting bigger outgoings next quarter (8.8M). I wonder why "administration and corporate costs" are rising from ~$3M to $4M. This seems like a lot, especially for a company that's bringing in less than $1M/quarter.

Given their huge cash balance they still have a runway but it's surprising how short it is. This seems consistent with the view that they more or less are building their tech 'on the hop'. I find it hard to believe that they are worth over 25x revenues long term even if they manage to not run out of runway, but we'll see.