"Reads like there's not enough money to finish the GVHD P2 trial? Have I got that right?"No. You got that wrong, by how much depends on your definition of finshed - finishing of dosing, or reporting of results. Trial expenditure is of course not linear. The company reports the results likely reported in 1H 2026:
The main costs associated (with of course implications for its cash outlfows) with that trial will be diminished on full recruitment. That is of course the thrust of your usual sowing of FUD on CYP.
As of June month end (this is a past quarter progress report) it had only 15 of 60 patient to recruit (that will already now be less), and given the primary endpoint is overall response at Day 28, its quite reasonable to expect an end of recruitment (and higher costs associated with treatment) likely by the end of the present quarter, and as the biggest cost drag on CYP, an accompanying drop off in cash outflows as recruitment completes.You weirdly ignore the very obvious explanation of the non-linear cash flows in your analysis. Its right there:
Lets make this a little easier for you to understand (given you evidently don't trust the company's explanation). If you take out the $1.9 million milestone based payment, than the operational cash out flows look more like $1.6 million for the quarter. Now you've got CYP's cash flows wrong before, so lets conceptualize them for you as reported by operational values:
Q1 $1.9 million outflow (GVHD recruitment began late Q3 FY24; DFU patient visits finish; Kidney recuritment begins; OA recruitment concluded; Tekcyte purchase)
Q2 $1.3 million outflow (GVHD recruitment >0.40%; DFU completed; OA treatment concluded)
Q3 $2.1 million outflow (GVHD 60% recruitment;
Q4 exclusing milestone payment - $1.6 million outflow (GvHD recuitment >75%; OA nearing completion)
Nice and easy for you to grasp that the clash flows are non-linear and as the professionals like to say, 'lumpy'. This quarter's cash flow was not at all representive of future cash flows. Were you to take a simple mean excluding the milestone payment, in simple fashion, one might expect operational cash out flows at $1.7 million for the next quarter (its obviously not that simple and likely to very quickly reduce further with the shortly to end self-funded GVHD trial - the main cost outflow to CYP).
Now add back in the $1.25 coming rebate to the $5 million end of quarter cash balance, forecast modestly falling forthcoming quarterly operational cash outflows as rudimentarily simple (and reasonable) as $1.7/$1.5/$1.3/$1.1 and you might understand why your statement is incorrect and the company statement is contradicts your simple anaylsis ($6.25M/$1.4M = 4.5 quarters of cash and indeed "funding runway through mid-2026"):
(it obviously more complicated than this, but illustrates why the, far more informed than you, company can say it has 4 quarters of cash left and you say it does not - no you have not got that right, the company does in fact have more than enough "money to finish the GVHD P2 trial")Predicatably (sadly for the bio-tech industry) recruitment was tardy in GHVD vs guidance. Your criticism there justified, if a little of a mute and obvious point to most who follow bio-techs or CYP specifically. Your understanding of the balance sheet cash flows however is clearly flawed - not for the first time on Hot Copper in CYP alas, and no doubt not the last time in your constant misinformed attempts at sowing of FUD on CYP.Now in a more objective and honest assessment of CYP's likely next 4 quarter of cash flows and needs, it will need to borrow, raise via issue or secure cash through partnership within the next four quarters to remain a going concern - which it obviously expects to do so on the following three clinical trials readouts, including the big one; the largest global phase 3 trial results form IPSC derived MSC's in knee osteoarthritis.
(20min delay)