Ann: Business Update and September 2022 Quarter Cashflow, page-5

Apart from some minor frustrations with revenue recognition due to delays in trial recruitment, I really like the report fundamentals. 1Q22 was a massive outlier quarter so was always going to make 1Q23 numbers look ordinary on a YOY basis. However, the reality is that 1Q23 was the third biggest quarter ever for new clinical trials contracts signed and subsequently we now have a record $148.3M revenue backlog. And despite revenue recognition delays and payout of staff annual bonuses this quarter, the company was still cash flow positive.

Throw on top of that the Lecanemab results tailwind and the long term thesis is well and truly intact.