I wouldn't say they're fudged. The cash position is actually well reported in the commentary. And the split of IP costs is legit, to track against rebate. And they're applying the rules to calculate runway. They've been consistent and have not changed anything to make it look better. Unfortunately, the 4C report is limited and the calculation of the number of quarters for runway is possibly misguiding readers that don't have the time to put everything back together.
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- Ann: Quarterly Activities/Appendix 4C Cash Flow Report
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-173
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