BIT has acknowledged that it will not be able to get through the current quarter without the injection of the R&D tax rebate. As we are half way through the quarter at this point, they may already be out of cash or close to it.
They also indicated that expenditure may be lower - and that means that they may be suspending expenditure on the trials - so, no COVID results can be pending before the R&D cash comes in.
The R&D cash will get them through until the end of the year and no further.
I would hazard a guess that they will attempt to raise cash once the R&D payment comes in - hoping the announcement will lift the SP when it is received.
Pretty diabolical situation really.
No matter how promising the science is, there is a possibility that BIT could go the way of many other companies and opt to close up shop. Not meant to stir the wasp nest, but without a clear road ahead, just raising cash to continue for another year makes little sense.
Availability of funds is really a huge issue at the moment for BIT.
