It’s very clear to me the path they aspire to take, getting a...

It’s very clear to me the path they aspire to take, getting a China deal done similar to Biosplice is key and they even point it out as the one of particular interest. That deal was $20m upfront with phase 3 milestone payments along the way for a total of $140m. PAR must think they can get at least $30m upfront going by the stretch target. If they get anything like that deal over the line then phase 3 is funded to completion, the $40m from the November options would come in, and there we have the funding through to end 2025.
Getting FDA 2x2 is probably critical to the above playing out.

TGA approval to submit the dossier is a bonus to the mix and key to early revenues.

So can it be done? Who knows but we can be assured they are fully aware of the ramifications if it is not.

I fully expect the “are we there yet” rhetoric to ramp up during the 2nd quarter.