Ann: Quarterly Activity Report & Appendix 4C, page-34

That seems to be the case.
Why deploy any further cash here at the moment ?
P2 clinical results in Breast / Cardio are easily 12+ months away.
There is no sign of recruitment for EMD ( looking more likely to be scrapped)

Further to this, it looks like we will need better pre clinical data on Clear cell renal cell carcinoma (CCRCC) and Multiple myeloma before we can plan for trials in these indications. Ad in the delays for approval and recruitment, we could be looking at 24-36 months for P2 clinical results.

I said the other day that we are early to the party. Have a think about how early we really are...
This isn't to say its not going to be a blockbuster party, just that we may be a waiting a long time for the music to start.