Ann: Investor Presentation, page-39

There's zero chance of CR in next 6 months imo. Unless there is some major new R&D spend. Currently they have around $4.5-5m in cash and cf is -$1.4m per quarter. Assuming 18 months to get to cash flow it would require that would require a $200k per month improvement for 6 quarters, but it won't go in a straight line. My best guess would be something like $100k-$200k-$400k-$700k-$1m-$1.4m assuming they get there.

So that would require around $3.5m to be funded from current cash until 31 Dec 2021. So depending on how things go I can see a small raise ($1-2m) early in 2022. Lots of variables in there that is difficult to quantify, but very much doubt we'll raise any further money this year.