Their own forecast for the rebate for 2024 $4.6m...
Even if you were to reverse their own impairment of $4.5m - the forecast for the rebate is still only ~$9m for FY2024.
It is uncertain when they'll actually receive the 24 rebate - but it's quite possible a raise is required before this time.
The reason they've brought Azer-Cel to Aus is to enable more of their spend to qualify for the rebate - i.e. you can't just run a trial in the US and claim the Aus govt's tax rebate for development costs.
If Azer-Cel was launched locally and then expanded to the US, it's likely the entire clinical spend would have qualified for the rebate. Read the guidelines.
(20min delay)