Just thinking out loud, while FBR has around $11m in negative Operating Cash Flow which some might consider to be the current level of cash burn, this in my opinion is more of an accounting concept. Since FBR is pre Revenue, I would consider this Operating Cash Flow, or at least part of it, to be more related to Investing Cash Flow. If you subscribe to this thinking, at least part of this so called cash burn should really be considered capital investing in nature given that FBR is nor earning current Revenue and all spend is going into investing for future cash flow. Consequently, the level of Negative Operating Cash flow might be somewhat overstating our understanding of true cash burn. In my humble opinion we need to recognize the limitations of accounting concepts and need to consider the true nature for evaluation purposes.
Another interesting thought is that FBR have accumulated around $74m in "Accumulated Losses", showing on their Balance Sheet, as shown in their latest half yearly report released in Feb 23. Again, this is an accounting concept, but according to my theory, this amount, or part of it, could be considered capitalized R&D which has value shown in the current level of FBR technology. But more to the point, wouldn't this provide FBR with a future tax credit for when FBR start earning profits in the future. If this is the case, wouldn't this turbo charge FBRs after tax profitability for the first few years with these saved up tax credits are used. If this is the case, a shareholder coming in now is fortunate because they are essentially buying a stake in the R&D but also a stake in this available tax credit as a sweetener.
I'm not an accountant so maybe an accountant can chime in year and let us know their thoughts.
Importantly I could be wrong and this is not financial advice. Do not rely on the words shown here. Do your own research, etc.
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