Ann: Equity Raising Investor Presentation, page-261

Looking at the Half Year ended 31 December 2021:

Research and Development expenses HY '21 were (16,358,542) compared to 31 Dec 2020 of (4,887,565)

So a 300% increase.

During '21 there was significant R&D activity in the design and integration of the selector with ReRam for discrete market, design and tape out of embedded ReRam module, scaling ReRam to 28nm and development of the first operational crossbar ReRam arrays (Ann Jan 22)

Significant R&D activity continued in '22:

Scaling down ReRam to 22nm, successful completion of embedded ReRam module functional testing, tape out of ReRam to Skywater, advancing ReRAM selector development to fit embedded & discrete applications, successful completion of full technology qualification of ReRAM module manufactured by its R&D partner CEA-Leti, and first silicon wafers integrating Weebit’s embedded ReRAM module were delivered to Weebit from SkyWater’s U.S. production fab.

It's difficult to say how much of the cost was carried by Weebit alone or shared with CEA-Leti and Skywater in '22. The announcements suggest much of the financial cost was carried by Skywater and CEA-Leti.

Notwithstanding, the R&D activities that got us over the line and into the place we are in today were clearly more capital intensive to Weebit in '21 than '22. IMO it's disingenuous to suggest things are slowing down when they are supposed to be speeding up, based on an HY interim spend amount

Meanwhile, in '23 we see Weebit moving ahead at pace in terms of inbound foundry/fab/customer enquiry, ongoing R&D investment to consolidate their market-leading position and the need to raise more capital to do so.

Based on these activities I'd imagine we'll see a significant uplift in R&D expense in HY '23 compared to HY '22.