Ann: Full Year Statutory Accounts and Appendix 4E, page-5

I do enjoy announcements slipped out at 5pm on a friday night. Always worth extra scrutiny !

Ignoring their usual poor writing, including in this case an upfront summary of significant milestone "completed during the financial year", many of which weren't completed and which we are all still waiting on now, very little in the way of surprises here to get excited about.

Cash -Yes cash okay till end of this fin year, so all good there at present, ie:

Loss before R&D refund > $5m ($440k per month). Loss after R&D refund > $3.6m ($320 per month).
Cash on Hand June 30 = $4m. Cash on hand now approx $3.36m. So approx 10 months.

Expenditure probably at its highest July - Sept this year due to outsourced lab analysis services. Should be lower for remainder of this fin year so should balance out. Cash position okay until end of this fin year. This includes and assumes slightly higher R&D refund in early 2024.

Delays in trial data

I must say I disagree on this Max. I don't think the delays are indicative of lesser results as you suggest. I say this for two reasons:

a) They are always late. Every single time. No suggestion that previous delays related to poor data so no reason to believe so this time either.
b) The blood samples are still sitting in the labs, either waiting for or currently being analyzed. BIT don't yet have the data from which to reach any conclusions.

I say it again, the delays are neither good nor bad from a results perspective since they don't yet have the data.

I do enjoy the way they beat around the bush on timings though. Covid trial due Sept 2023 but HIV trials still due 3rd quarter of 2023. Since its now friday night and next week is Sept 2023, and Sept 2023 is presumably the last month of the 3rd quarter of 2023, why maintain such elusive timelines? Just say Sept 2023 for both. The above said, normally when companies talk about quarters they are talking about quarter of the current financial year which starts July 1. Its odd and confusing in a financial report to talk about quarters in the context of calendar years as they appear to be doing here.

Rent

I only mention this since there are no obvious great surprises here and I know most are bored of waiting; how is it that they only paid $10k pa in rent, and how is it that this is actually up massively from less than $6k pa last year?

Also I see that the company secretary got a nice 50% pay rise this year which is nice for him. Still nothing worthy of questioning.


Overall, unless something is better hidden than I have noticed, nothing much to see here, unlike last years exciting one.