Due to the interest in my previous post, I will add some detail...

Due to the interest in my previous post, I will add some detail to my perspective. I have long enjoyed the HC posts, and have long restrained myself (mostly) from posting because I am much less familiar with the ASX than the US markets. In quarterly reports from US companies, you will usually find an abundance of numbers, attempts to explain those numbers, and guidance about those numbers going forward short and long term. Even the smallest public companies host quarterly conference calls to respond to questions from institutional advisers.

So let's look for numbers in the SPL reports. $5.8 million outflow, relatively unchanged quarter by quarter. No itemization of those expenses. $0.6 million revenue from somewhere. Oh, look, $1.2 million invoiced to Lloyd's, but no context. How many units in that supply, how much did SPL pay in materials and manufacturing to produce that supply? Yes, the update to the number of patients in DEP clinical trials is welcome. But without any updates to estimated completion dates. And no clarification to the AZN trial. The trial will expand into a Phase 1 /Phase 2 trial on a global scale. Will that trigger a milestone payment to SPL at some point, maybe in June? Why or why not? Would certainly seem relevant to this shareholder update.

My primary point is that SPL is a very small company (maybe 50 employees?) playing on a large stage. Once again this quarter, as for many quarters, the staffing level is "stable", the staff expense is relatively unchanged. The SPL mission has expanded greatly over the last couple of years. To do this, I suggest SPL management has chosen to reduce the pace of progress across the larger mission with the same staff. Alternative choices were to stay focused on DEP with greater pace, or to increase staffing to maintain a faster pace on more options. If management believes that all of the options are worthwhile, then hire staff, spend the additional money, and push!

Allow me a final, only slightly relevant question. Is it possible to win a Diamond Award for new product launch without any sales figures or visible profit?