KZA SP / MC Ratio, page-3

Agreed, very good possibility to fall back on, especially if Genentech or Merck offers are too low for a paxalisib GBM licencing agreement.
IMO, maybe that is the reason the ATM facility was set up at US$35M (AU$51.5M). US investors may have approached management on that very proposal.
Recent key US personnel appointments made 6 months ago .

"A market cap of $5B equates to the share price being $36" for a paxalisib GBM licence would definitely be worth pondering during 2023.

We await the GBM AGILE results.

Regards.