Ann: Entitlement offer and Convertible Note to raise $12 million, page-18

Fairly long slog to finish P3, but at the 144 patient readout, it'll be enough to go to market with an eFGR slope, assuming it is positive. Maybe 12-18 months after the 72 patient readout.

As for money, there is the short term options, the accelerated options (@40c), R&D rebate, potential partnership between part 1 and part 2 readout for an upfront. I suspect they were trying to get that in recent times to avoid this raise, but that is giving the benefit of the doubt as to why it was left to the last minute.

Re uptake on the raise - the have stated the option to place the shortfall overseas, and the sto*khead article suggests overseas interest - so who knows. I think the listed option would be 2-3c, but given the seasonal selling, raise at lows and heads dumping to keep options, 6c heads possible short term.

The rabbit out of the hat announcement will be the 72nd patient on program and a fixed date. 35 weeks + processing time and a March 31st expiry of options would suggest they have a rough idea, and no later than end of June.. but anything possible. Perhaps there are cases, but most bios run into a readout closer to date.



26 weeks + 6 weeks of dosing and a 4 month (16w) gap for whatever reasons. If you apply it to phase 3 15/12/22 + screening & dosing, +4 months, it is roughly now.