may 1st dndn decision, page-20

GRQ,
You say:

"the fact that Virax is one step away from having to call in the administrator."

This is certainly NOT a fact. No one would argue that further funds will be needed after the South African trials. This fact has been reported by the company and I quote from web-site:

"Upon successful completion of the South African trial, VHL will attempt to attract further non-dilutive funding to undertake the Phase II US trial under the open IND with the FDA. The strategy is to partner with a global Pharma at the conclusion of this trial."

The real facts are that Virax has had a successful Phase 11a trial with what I see as exceptionally encouraging results. VIR201 induced an IgG1 immune response against p24
relative to placebo (p=0.018) and also an IgG1 response against gp41
(p=0.066), an antigen not encoded for in VIR201.

I do not understand why you want to down ramp this stock. Yes, there are long term funding issues but that is why VHL has a MC of only approx. $15M. If you want a pharmaceutical company with less risk go away and buy some CSL.