You're right that the amount of shares on issue moving forward...

You're right that the amount of shares on issue moving forward is key to watch.

If you look back at the announcements regarding their raising of money for HOPE1 and the establishment of the SPV for HOPE (strongly encourage new holders to do so and apply some critical thinking), they mention they need to raise US$35m to get HOPE1 through FDA clinical trials. They split the costs of the HOPE program as around $17m for Phases 1 and 2, and $14m for Phase 3 (the remaining $4m I assume goes towards operations for the administration of the program).

The same level of funding would be required for this program to go through FDA clinical trials as they've suggested the next steps would be. Optimistically you'd want a bigger company to come and make an offer and take the product off ZLD's hands before the full amount of dilution occurs to your holdings to raise the amount of money necessary for the full Phase 1-3 program. Realistically I don't see an offer being made before a rigorous and validated FDA Phase 1 study is completed showing similar results seen here.

To complete a Phase 1 from this point, I'd expect they would need to come up with roughly $10m in funding? That would be $7m for the Phase 1 and $3m-ish for operating costs. Where they get this funding is the core consideration for shareholders to keep in mind.

https://hotcopper.com.au/threads/ann-zld-secures-additional-us-3-25m-investment-in-hope-spv.7393021/ (page 4 of this announcement for FDA pathway costs)


https://hotcopper.com.au/threads/ann-zelira-hope-1-spv-investor-presentation.7242265/ (pages 9, 10 and 11 of the slide deck for insight into FDA timeline, key steps in the process, and where the money is coming from for HOPE)