Ann: Investor Presentation Q1 FY23 Update, page-2

Couldn't see anything new in this deck. Probably needed to listen in for any off-the-cuff comments from Luke Reid to get at least the current vibe within the company. DID NOT TOUCH REVENUE with a 12.192 metre barge pole. Shame, as that is, or at least could be, their main game for the foreseeable future.

They seem to be turning the phase 1 clinical test into something akin to War and Peace. Just remember that ... "A phase I clinical trial tests the safety, side effects, best dose, and timing of a new treatment." and the likelihood of success at Phase 1 is relatively high (remembering that the products that get through to P3 all passed P1, in other words only 63% of those products that had already passed Phase 1 and Phase 2 passed Phase 3). Not only does the clinical trialling knock out most candidate products but it takes years and years to get a new product successfully through the process. Like it or not, their place in life for the next number of years is as a manufacturer and assessor of faecal samples.