Remember over $3m of of that trade payable is capital accruals most likely for clinical program either for Phase 3 or selfie development and a couple of mil in additional inventory purchase which has not yet converted to revenue due to deferred shipment of the order.
Most importantly none of the costs are out of expectations - they have been very clear about where they think money is coming from and where it will go. Any additional sources such as grants, tax break or finding partner for their clinical program will strengthen the balance sheet.
Regardless, I am yet too see anyone who’s said the company is not cheap on any measure of their preference. Open to a good argument.
Remember over $3m of of that trade payable is capital accruals...
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