But IMU burned through 20M a quarter - rightly so - they gotta do trials and so 40M is nothing. And I remember at end of 2024 everyone online here was concerned and asking when Cr?
Lo and behold- Con note in December.
You keep saying PH did not need to do Cr - but if you look at the numbers it all indicated they needed to do one. It said 2 quarters exactly left on last 4c. That is running super-low (doesn't matter about rebates etc) cuase next quarter- they go through 20M.
They did a CR cause they needed it and unfortunately it was worse than a Cr it was a con-note situation.
They were desperate for funds and no-one would give them a standard CR.
Your whole premise -"Ph did not need a Cr" is fantasy. Truly just crunch the numbers- look at spend per quarter - ins/outs.
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