Frogga .Hard to know about the tax losses unless you have...

Frogga .Hard to know about the tax losses unless you have complete access to the financials but knowing that the NZ losses are not deductible my guess is the tax losses are approx $50 mill .So the majority of the first milestone should be tax free then afterwards the company tax rates will apply .I estimate approx 15% of shareholders are New Zealand based so a franked dividend is not attractive but on the other side capital gains tax is zero .The company will need to get some taxation advice on the best way to distribute any amounts to be paid assuming that the fda approves the trofinetide drug .