Those who thinks the cash situation has improved can be forgiven as the commentary tries very hard to spin it that way. But the cash in the reported cash has increased because of 1) the r&d grant and b) the loan book shrinking. Whilst it’s fair to include both of course this does not tell you much about the ongoing net cash burn. The reduction of the loan book reduces the asset side but this has not come with a reduction of the liability, still at $14mio. You can see this reported in the net cash. And the r&d is not a recurring item. Add those back and the net cash burn for this quarter has increased from $1.8 to $2.1mio. 2 quarters to go is the reality. Now whether that’s still good or not for the SP we will find out on Monday. No clue there.
SPX Price at posting:
1.0¢ Sentiment: Sell Disclosure: Held
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