Yes. It's been said before, ILA continues spending like there is...

Yes. It's been said before, ILA continues spending like there is no tomorrow.

Net tangible assets are dwindling into oblivion. Meanwhile, progress ISLA-101 has actually gone backward. After many shenanigans with manufacturing last year, ISLA-101 now needs a dose ascending trial. This makes it officially a phase 1A drug candidate!

This new dose ascending study is not budgeted (not is it scoped). At the current cash burn rate, ILA will run out of funds well before the PEACH trial is even completed. If so, that would be a complete failure of all objectives stated in their shiny IPO prospectus.

A capital raise seems unavoidable from here, and it will come at the worst possible time in the market. Looking at the latest AGM voting, a sizeable chunk of shareholders are not happy with ILA and voted against the remuneration report.