JG on October 11:
Interviewer: The company closed our Q2 of 2024 with a cash balance just shy of $12 million. So can you discuss your strategy for maintaining resources to ensure the company keeps the momentum through these critical development stages?
James Garner: Always the challenge for small pre-revenue biotechs, right? Cash management is such an important focus. We actually just recently added a very, very well qualified chief financial officer to our team who's just brought an enormous sense of discipline and some really great forecasting rigor to this. So I think it's gonna help enormously.
We do run very lean as a business, as a very, very, crude historical average, we spend something like a million dollars a month in round terms. But the reality for biotech companies is that spend is very, very lumpy, particularly once you're doing clinical trials, you have some very, very expensive months, some very quiet months, some busy quarters, some quiet quarters. So it is lumpy. And this is something that I think investors sometimes find challenging, as they'll see a very cheap quarter and they'll think, oh, well, that's how it's going to be. And then the next quarter, it's quite expensive and they wonder what's changed. And in reality, nothing's changed. It's just the cadence of the clinical trials.
But we are getting very, very good at forecasting our expenditures. So we have a very, very clear picture of how long this goes. And in addition to the approximately $12 million we had at 30th of June, 2024, We have just received an R&D tax incentive rebate from the federal government to the tune of a little under $2.4 million. You get a little bit of interest from the bank and things like that along the way. So we've got a little bit of money at our disposal. We certainly can't get carried away as a business, but we're in the fortunate position that we can, we can focus as much as possible on the clinical trial work and not so much on the day-to-day financing anxieties.
JG on October 15:
"I have financing anxieties."
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