Ann: Completion of Viral Vector Manufacturing for Phase 1 trial, page-16

CHM1101 - In an interview in March, Chow explained that reporting on Cohort 3 and completing dosing of Cohort 4 would only be completed by end-2023.

CHM2101 - this Phase 1 trial hasn't started yet.

CHM0201 + Vactorsertib - Phase 1 trial expects to dose all 12 patients only by end-2023.

So hard to identify any meaningful trial progress announcements in the next +/- six months.

Meanwhile, the cashburn is over $4m per quarter and expected to increase along with trial activity. CHM may have about $5m at end-March, so would need to draw down about half of the L1 facility to fund it for the next 12 months.

At 8cps (and remember, L1 can choose its VWAP days, and CHM issues shares to L1 at a +/- 15% discount, so even 8cps seems high), CHM would need to issue L1 188m shares, taking L1's holding to over 26% of CHM - which may not be possible without shareholder approval.

Alternative is a retail cap-raise, but this would be done in the face of the IPO and all subsequent raises being well underwater.

Even if a potential shareholder believed in the clinical story of CHM, they may believe there is a strong chance of picking up shares at a discount to current trading range.

Its an elephant in the room that Board / Management refuses to address.