Ann: Quarterly Activity Report & Appendix 4C, page-11

At present most initiated trials are pre-clinical collaborative, this will move to the next phase of P1/11 approved clinical trials this year. I think the outlay of funds for these new trials will take a big chunk of money unless they do a deal to share funding with partners. So basically the smal amount of RnD spending will ramp up once the trials move to the pivotal clinicals...explaining the $$ RnD expenses being low at present.
Market cap is determined by the market..so thats showing a leap of faith in the company potential for oncology treatments, quite a ride this last 12 months. Possibly entering a consolidation phase on market but the news flow has been positive.
link for strategy = https://www.raceoncology.com/race-investor-update-march-2021/