I thought that the most interesting part in the report was this:
"Furthermore the Company is in discussions with a number of parties regarding partnering arrangements, and is confident of generating significant inflows of funds from this activity over the coming 12 month period."
Paired together with what others have already noticed, I think this means they will be taking a partnership deal with ("significant") upfront payment plus contingent milestone payments and royalties for the paxalisib GBM indication (and/or possibly something for Cantrixil?).
As for the "staged" approach, I think/hope this means that Kazia will be looking to separately partner for the brain metastasis indications later on. Apparently this is possible to do ("indication splitting"). If done that way, then it would allow Kazia to receive the greatest value from the brain metastasis indications (especially since these will be much bigger revenue generators than GBM). Although indication splitting can be tricky to do, I think it might be possible that Kazia could out-license paxalisib for GBM to some big pharma with a priority option to later license it for brain mets indications at some predefined amount. In such a case, the brain mets option could be looked at as a milestone payment, which would likely be a very significant amount.
Anyway, given the very specific time frame mentioned (i.e., within 12 months), this should allay any worries about future capital raises. Kazia seems on track to going from a cash-burning company to an income-producing company within this year. Very exciting times ahead.
