Ann: CELLMID QUARTERLY OPERATIONAL UPDATE, page-24

Don’t forget the research grant of $947K from the ATO received in November, Pharma. This will significantly enhance your calculations for the 2Q18 4C result, since it also qualifies as operational cash inflow. However, since the ‘million dollar day’ was 21^st December, a proportion of its record sales contribution may not make it to the bank as cash until the current 3Q18 quarter.

So if cash expenses truly were around $1.6M as projected, nett operating cashflow for the quarter should indeed have been well positive. And there must be a reasonable chance of being cash neutral for the 1H18 half-year also, as you suggest.

We must be near to a financial inflection point, even without allowing for expansion into new markets.