No. Because the breakdown of 9.8mio / $1.1mio is misleading. $9.8mio is really $6.6mio when you consider the DW. And $1.1mio is really $2.2mio when you add back IP. To be fair, you can then take back a quarter of the R&D rebate, $1.4mio / 4, and you can divide $6.6mio by $1.85mio to get the runway. Agreed?
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-122
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