Possibly a new direction?, page-27

Fair enough. Not to split hairs but on the CR on 20/6/2020 they were targeting three indications, and they raised at $1.40 per share. Just over a year later they had another indication and the chance to raise more funds at a 34% higher SP and give more breathing room if the FDA didn't approve Trof, whilst dialling back the discount for the newly issued shares a bit. It seems like a sensible decision to me, but it's your opinion which is valid.

Neuren-successfully-completes-20m-capital-raising.pdf (neurenpharma.com)

Even if we had enough funds to complete those trials management had a fair expectation of NNZ-2591 could be, and the fact the market would look at their cash position and assume a CR would be needed (even if they could scrape by) and, by extension, the SP could be driven lower than fair value at that time. Any company I am looking to invest in which has a poor cash flow position I always have a huge margin of safety on, because I presume CR's will be priced poorly to reflect the utter contempt most companies show towards their retail shareholders.