When the DW is wound up, $14mio will be repaid out of $10.8mio...

When the DW is wound up, $14mio will be repaid out of $10.8mio receivables and $3.2mio of cash. It won't be freed. Your interest calcs look good. And yes, with Airplus, they don't need to allocate cash for first loss. The point really is to realise that they have about 3 quarters of runway at the current pace, not 9. It's 3 because they have $6.6mio and not $9.8mio worth of cash, and the quarterly spending is more like $2.2mio when you add back IP related costs (expenses for work that count towards R&D). From here, everyone can have their own view on the path ahead.