Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-9

Not having a shot at you, but that estimated quarters is misleading IMO, as it takes this quarter's operating cash burn and divides it by cash on hand. So it assumes cash burn is equal per quarter for the next 53.6 quarter. It should be a requirement to enter the number of quarters management has determined via a forecast model rather than a simple formula.

The expenses in section 1.2 of the cash flow report look consistent for Q2 and Q1+Q2, but the grant income in 1.7 is not a quarterly source of revenue (as Q2 is the Q1+Q2 or YTD result), so operating cash burn is more likely to be $7m-$8m per quarter, which means its probably closer to 15 quarters of operational funding, and ignores potential ramp up of R&D costs arising from other announcements today.

The note it applies only states "Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5"... they could highlight the short comings of the way they direct companies to come up with the entry in this note, but choose not to - Poor form from the ASX.