Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-19

Reading tea leaves here.

They've changed the terminology from "on or before" to "prior to or on..." PFDUA date.

I might be searching for breadcrumbs, but the emphasis on "prior to" may be a signal that there is hope by the management of an earlier FDA decision than January 2025.

Obviously the words "or on" couldn't be omitted (as much as we'd all like to see them omitted), as it'd expose MSB to significant liability.

Question - does anyone know how much spendable cash reserve MSB is required to have under the Oaktree financing facility? The 7.1 quarters figure given in Item 8.5 of the 4C is inclusive of the $10m contingent on FDA approval. Excluding that $10M, the figure in Item 8.5 goes down to 6.1 quarters. MSB has not provided any contingency plan in the event of another CRL, which I believe is what's causing the current SP slide this morning.