Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-81

Wes,

A clue here for JCR penetration, can be found in JCR's own comments from a few years back.

July 31 - 2020
"JCR Pharmaceuticals Co., Ltd. to Expand the Manufacturing Area to Increase Production Capacity for TEMCELL HS Injection"
Medical institutions have highly rated TEMCELL® HS Inj. since its launch in 2016 and JCR has received orders far in excess of its initial forecasts"

"This expansion will raise the production capacity for TEMCELL® HS Inj. by about 30% over current levels, ensure an appropriate inventory and enable sufficient supply to meet the market's robust demand"


MSB recieved royalty revenue Jul19 - Jun20 of US 6.6 million. ( Pre JCR 30% increase in manufacturing )

MSB recieved royalty revenue Jul22 - Jun23 of US 7.48 million. ( Post Covid & JCR 30% increase in manufacturing )

Royalty Increase of 13%, however I suspect these results would have been heavily impacted by Covid in a multitude of ways.

If JCR manage 40 - 50% market penetration with lower survival than Ryoncil, I guess we will get higher penetration.