Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-11

In addition to cash on hand at the end of the quarter of US$48.8 million, pro-forma cash after proceeds raised in April is US$88.8 million, with up to an additional US$40 million available to be drawn down from existing financing facilities subject to certain milestones

The way this is written suggests that there is US$88.8m in cash with another US$40 potentially available. But that additional US$40m is actually included in the US$88.8m

Subtract that and you find only 3Q of available funding, but as soon as the loan repayments begin, that will shrink substantially.

8. Estimated cash available for future operating activities $US’000
8.1 Net cash from / (used in) operating activities (item 1.9) (16,198)
8.2 Cash and cash equivalents at quarter end (item 4.6) 48,799
8.3 Unused finance facilities available at quarter end (item 7.5) 40,000*
8.4 Total available funding (item 8.2 + item 8.3) 88,799
8.5 Estimated quarters of funding available (item 8.4 divided byitem 8.1) 5.5