Ann: Half Yearly Report and Accounts, page-9

According to the accounts, total income is likely to be over $20m for the year to June 15.

Probably $13-14m of that is from Chiesi in the form of cash reimbursement.

So the cash burn must not be far from being eliminated.

Add back the Chiesi cash to the $19m on the balance sheet at the half year gets you $33m cash.

Say that falls to $25m by the time costs and income align.

Then you have a Bronchitol royalty stream in Europe and the USA, plus LOXL2 and SSAO programs, plus their manufacturing capability, in for $3m.