With the Quarterly due in the next few weeks, I'm excited to hear of the sales progress made with Promega in the Qtr.
I have had a look back through some past announcements for any hints, and here is my take.
Cash on hand post raise - $14,489,000 (SPP announcement) less amount raised - ($9,379,000) (SPP announcement) Cash on hand immediately prior to raise - $5,110,000 (Estimate)
Based on a cash on hand figure at 31st March 24 of $4,510,000 (March Qtr. Announcement), it looks as though IIQ have increased their cash on hand position by $600K for the Qtr (ex raised funds).
If we assume an R&D tax incentive refund similar to last year ($582,000), there is a real possibility that sales are now equal to expenses for the Qtr, with no cash burn.
Potentially a substantial increase in sales volume when compared with the March Qtr incoming, time will tell...
IIQ Price at posting:
57.5¢ Sentiment: Buy Disclosure: Held
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