The trading halt mentions topline results, so my assumption is...

The trading halt mentions topline results, so my assumption is that it is for the first cohort

"On October 18, 2023, Immuron announced the second cohort of 34 participants in the clinical trial for evaluation of efficacy of Travelan to prevent infectious diarrhoea caused by ETEC. The first cohort in-patient stage of the study was completed in August 2023. ... The double-blind study was divided into two cohorts of approximately 30 subjects (60 in total) dosed with Travelan or placebo for two days prior to the challenge continuing for seven days. All study participants were challenged with E.Coli, monitored for symptoms, and treated with antibiotics. All study participants are likely to return as outpatients for two weeks, one month, and six months follow-up visits. The final six-month follow up interviews are likely to be initiated in January 2024 and are expected to be completed in April 2024. Headline results of the clinical trial are likely to be reported by the second half of 2024."

I also asked Steven about the decreased margins and overall loss as the numbers in the half year report looked bad to me. Based on his response, I don't think it is as bad as it looks.

For the margins, higher express freight costs were incurred when commencing sales again after obtaining GMP Clearance from the TGA. These costs won't be needed going forwards, so the margins should be better in the future and I assume similar to what they were before

For the loss, it includes non-cash entries required by accounting standards for the Ateria Health Limited shares. These shares decreased in value and that affected the loss number. If that is excluded, then there was an improvement in the loss numbers.

This decrease in the price of Alteria shares, assuming it is short term, could also be seen as beneficial to Immuron. On February 2024, Immuron received a further 471,306 shares in Ateria Health Limited. This happened because when Immuron bought the shares this was part of the contract "Potential adjustment to share percentage for Immuron dependant on Ateria's performance during its CY2023"

The numbers do look better if you look at it from the perspective of the cash position. 31 Dec 2023 $15,213,462 30 June 2023 $17,159,764 30 June 2022 $22,110,278. It is stil decreasing, but it is improving. The average decrease was around 2.5 million and now it is around 1.95 million.