do the math and let me know but I suggest gross burn rate is...

do the math and let me know but I suggest gross burn rate is what you would want to look at

gross burn rate for each financial year broken by
quarterly comparison
monthly comparison

18 v 19 v 20 v 21

For net, simply deduct the ending cash balance from the starting cash balance over the period you wish to measure

but for our relevance, I’d suggest you divide expenses over the period you wish to measure

Without me doing the work, you will see that they are burning cash at a much faster rate YoY, and QoQ, and if they anticipate any further acquisitions, one would see that unless it was micro unheard of companies or countries (without need for acq costs), they are almost guaranteed to need a cap raise within the 12- 18 months