Race options thread, page-284

The complexity of the option structure is because it is designed to do two things: 1. Reward loyal shareholders for their patience through 2023. 2. Ensure we have the funds to undertake the full clinical and preclinical program we laid out at the end of November.

We only need a relatively modest amount of money to fund the additional Phase 1/2 AML trial and preclinical activities, hence why the first option will only raise up to $6 million. Where we will need significant additional funds is when we get to the Phase 2 cardioprotection/m6A trial stage. This is why we have the piggyback option structure which doesn’t require anyone to put in any additional funds until mid 2026. Until we need the money we don’t want to ask anyone to contribute more cash. It also allows everyone to make sure we delivery on our promises before committing more money.

I just hope that not too many shareholders get confused by the whole option structure as it is a bit unusual, but we will be putting a lot of effort into explaining how it works before the June 2024 deadline.