1) Cash burnIt's a little bit too late for ILA to try to reduce...

1) Cash burn

It's a little bit too late for ILA to try to reduce its admin and corporate costs. This spending is not justified for a company of this size. So far, the company has spent way more on salaries, admin and corporate expenses, than actual R&D.

2) Future Cash flows

I'd be keen for management to clarify how much of the trials bills have already been footed (both PEACH and single dose ascending), and how much more is to be paid. On my last call with Dave Foster, it was clear to me that he expected the existing funds to be redirected to the single dose ascending study (enough fund to complete), but that there would be a shortfall for PEACH trial, and therefore another cap raise was to be expected.

Clearly, ILA has not been disciplined with cash spending. We are approaching the stage where ILA will need to raise more funds in the next 6-12 months. It looks like none of the intended objectives of the original IPO will be met by then. IMHO the lack of communication adds insult to injury and it needs to be addressed now.