Ann: Quarterly Activities Report & Appendix 4C, page-2

Expecting ~ $8.5m cash balance after raise costs at end of Q1. More than sufficient to get this through to >20x current MC.

Looking forward to update on timing of P1 trial and also partnership update on Accugen. Management are clear that they expect P1 outcomes to be sufficient to deliver a corporate transaction (ie sale) of the core Vectus IP and it's potential. Actively testing the market with mid-tier pharma's according to Anns - I'd say they'll start doing the same with top tier during P1 if initial outcomes are promising. On this basis >$500m could be around the ballpark minimum.

As before, Accugen looks like a potential spin-off with global possibilities as a tech business in it's own right. If feedback is positive and with global potential a ~$30-$40m MC for Accugen alone could be feasible as a stand-alone early-stage business with >$500m MC potential if it can crack the market. I expect management know this quite well hence the complete separation and readiness essentially for a spin-off if milestones continue to be met.

Hence with around 32m SOI this is a cracker.. As soon as smaller funds or serious investors get a whiff it'll go fast.