Ann: Quarterly Shareholder Update - June 2019, page-2

On balance a decent update:

Positives
- Boehringer on track for delivering clinical trial results in early Q4.
- Bronchitol looking promising for US approval Q1 next calendar year.
- Progress of early stage pipeline.
- R&D incentive of $6m due by year-end.

Negatives
- The delay of the LOXL2 partnering deal to year-end is the most concerning element of the update. Limited interest?
- Annual sales of Bronchitol down approx 40% year-over-year? Looks like the long-awaited Russia approval was a fizzer. Thankfully this was offset by Aridol picking up y-o-y. Gary again implies a 'move to profitability next year' is likely, but I'm cautious.