Hang in there!!, page-82

Hi CaptainBarnacles,

unfortunately, you are too optimistic if you assume OPT getting past the topline data if only they touch the US$50 MN tranche that would bring Carlyle funds to a total of US$170 MN.

Reason being, OPT was absolutely explicit in saying to be financed „through Q3 2024“, „into Q3 2024“, „through August 2024“ (depending on the source) in the latest annual report, the prospectus of the last offering and on multiple presentations since. This includes cash per June 30, 2023, the August 2023 CR, and the entirety of the US$170 MN DVA.

OPT burns some US$15 MN p.m. or some US$180 MN / $275 MN p.a.

And this is pretty exactly the amount of additional net cash OPT needs in order to get to topline data. And to be very precise, this in addition to the US$50 MN still under DD you mentioned.