Well, that's two pretty solid product launches and one that's...

Well, that's two pretty solid product launches and one that's still a bit hand-wavy (Endo).

Expenditure has averaged $2m/q for several years now, $3m is a bit high but comparable with Q3 and Q4 2022, not long after the Sonic deal when they were supposed to be heading to commercialisation then.

(In retrospect, a red flag with the Sonic deal was that, in return for only paying a royalty, there was no up front cash from them or a commitment to cover all the commercialisation costs.)

So 3m/q is a bit high but not unprecedented.

But it does mean that they've really only got until the end of 2025 to prove themselves.