Ann: Appendix 4D and Half Year Report, page-37

Jeez, this discussion descended into absolutely nothing to do with the "Ann: Appendix 4D and Half Year Report".

Relax people. Its the market. You might have learnt by now it goes up and down. The key to investing is not to buy over priced stocks. FOMO is the biggest killer of retail and paying way over value on the next best thing - and holding on when it doesn't prove to be with quite the immediacy expected, ahem. A big help in that is reading (and discussing) financial reports, rather than watching the share price with glee when it goes up and gloom and despair when it goes down.

The losses, and cash burn on this one reasonably constrained, obviously sans major trial expenditure at present - which will begin to build!. Whilst we all await for PR to come back from the promised land with a nice deal to boost the coffers, the coffers ain't looking too bad, so no imminent share price collapse on the horizon - not at least on this earnings report. The company well cashed up for present activities, courtesy of its recent raise. Its just a wait for a deal now as the CFO and CEO were both eager to talk up recently at the AGM, vs the companies own timelines - outlined quite clearly in this report.

You are on a late stage, cash burning bio-tech that is possibly at last on the verge of success. Its research, early trial success and past regulatory engagement sees it cleared by FDA to proceed with a pivotal phase 3 trial, importantly at a dosage level - at one point in question - that has been clinically shown to be optimal. Site start-up activities for that phase III trials are beginning in in Q1 2025, (up to 10 clinical sites in Australia) and preparation underway for first participant dosing in Q2 2025 with the trial anticipated to expand into the USA for a study with a total of 466 participants, randomised between iPPS and placebo groups. The primary endpoint will assess pain reduction, with function assessed as a key secondary endpoint amongst multiple secondary endpoints, with an interim analysis at 50% of the participants having reached the Day 112 timepoint.

Sadly, for Australia patients in my opinion, the TGA decided that iPPS would could not continue through the provisional approval pathway, but did suggest the same phase III program might provide the necessary evidence to support full registration with them. A delay to a possible commercial pathway PAR had hoped to achieve a little less onerously.

PAR for all past fantastic self funding talk, absolutely needs a deal(s) to continue along its prescribed path with the cash it has on hand. The cash burn reported in this release, obviously was mostly without the burden of the phase II trial, expenditure related to which had mostly come to an end in the period. The beginnings of the phase III trial expenditures will obviously begin to emerge in the full year report. I would strongly recommended PAR investors who have not listened to the CEO and CFO on partnership prospects, do so in the AGM presentation of Nov 2025.

I include it here:



INvestors, understandably, got a little carried away by options (and that showed in a share price rally), that are a, and maybe yet an even sweeter, bonus to share ownership. That's pretty much done until a deal announced (and then they MAY blow up in value - it depends on the share price still). But the next (crucial) catalyst is a deal(s). PR has huffed and puffed about deals to the chagrin of longer term holders. They are certainly courting them right now. They, the commercialisation prospects of PAR and accordingly the share price (and its derivatives; options) are buggered without at least one.

Simples.

(all of this is ultimately in this Half Year Report - which you should read, if nothing else, to avoid having to listen to tossers like me)