Ann: September 2021 Quarterly Activities Report and Appendix 4C, page-5

This is what I see

The Good

- Healthy cash position, with additional $5.8m R&D expected to be received in Dec Qtr. Gives around 6-7 quarters of cash runway (not including option exercise funds)
- Meaningful progress on IP
- Seven sites confirmed for CEP in the US, with patient recruitment expected by end 2021

The Not So Good

- Continued lack of progress on DAART and IONIC, neither of which have recruited or dosed, citing COVID and investigator initiated factors. There remains limited clarity on when any of the key milestones on these trials will be achieved
- Signficant cash burn ($4.4m) for not a lot of meaningful progress
- Nothing materialising out of LuPin other than 'discussions'
- Too many 'irons in the fire' and a lack of focus, which could be contributing delays on the 'company maker' trials
- Far too much usage of the wriggle room words like 'expected', 'broadly' and 'anticipated'

On balance, imo its an average quarterly but there's enough there to stay interested and invested.

You can talk about shots on goal but some of these shots are being taken from the half way line at the moment imo. I remain mildly concerned that shareholders' funds and company focus are being directed too much towards research, data and collaborations and not enough to the important clinical trials.