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

The 3.8 quarters is misleading, it’s the equation of current balance by the previous quarterly outflow of $6.8m.
$26.2m by $6.8m = 3.8
But as we know the $7.3m RnD refund is not included otherwise our runway would calculate as 1.8 quarters left of cash.
Current quarter spend estimate is $7m - $10m, let’s go middle ground of $8.5m, that would leave $6.3m for each quarter of the remaining 2.8 quarters.

Basically what I’m saying is those forward quarterly estimates can be taken with a gain of salt as they are not actual forward cash projections.

I prefer to just go with the commentary, at the end of this quarter we should have $16m cash worst case if they keep to guidance.