I can't see any cap raise occurring potentially until the end of the year or early next year. PAR have enough funds for the AU and US component of PARA 002, and possibly also for the EU component of PARA 002, as well as PARA 008.
They don't have enough funds to complete PARA 003 or to commercialize the iPPS or to fund NDA submission, so will need to raise funds for these. By then we should have multiple readouts and know whether or not iPPS works for OA. We should also have some results for DMOAD action.
We also need to factor the sizeable R&D tax return PAR should be getting for 2022 and 2023, and upfront costs from a possible partnership signing in 2H 2022 for MPS.
The biggest downside for me is PAR have very little to show for the 100 mill they've churned through since raising in 2020 and they've achieved very little in this timeframe.
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