When it comes to the figures Spenda has put forward,...

When it comes to the figures Spenda has put forward, particularly regarding the 4C and the remaining quarters, it's important to approach them with a balanced perspective. If the reports indicate that there are, for example, five quarters of cash runway left, and we assume that costs stay relatively stable, these figures can be considered reasonably reliable. However, it's crucial to remember that this is the speculative end of the market, and any prediction carries a degree of uncertainty—anyone's guess is as good as the next person's.

From my experience, while these figures provide a solid foundation, they come with inherent risks, especially if unexpected expenses arise or if the company's growth trajectory requires more aggressive investment. Therefore, while the current projections might hold, the likelihood of a capital raising event is something that can't be entirely ruled out, particularly if the company needs to accelerate growth or if market conditions shift.

While the figures are reasonable based on current conditions, they should be viewed as part of a broader strategy that includes the possibility of a capital raise as a contingency. In this part of the market, it's always wise to keep an eye on how the company’s strategy evolves over the coming quarters.