Keep in mind that by exercising the options, additional cash is generated for use by the company. I'm not sure how many oppies remain out there and how many are likely to be exercised. Whatever it is, more funds in the kitty.
As at the September investor presentation we had $57m in cash (does not include the rebate being provided by the German State of Saxony).
Effectively this means the net cash backing of the company is approx 5.4 cents per share.
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