if you look at the recent 4C announced on 23 April 2021, you can...

if you look at the recent 4C announced on 23 April 2021, you can see that the IPO only gets CHM to the end of phase 1, with $1.875m allocated to the running and manufacturing of that trial.

$5m to open up an additional phase 1 site (if required, it will be in 2022) and another $5m for other commercial and academic collaborations.

The phase 2 is likely going to kick off end of 2022 or early 2023, which is why I believe they will raise capital prior to that as management will want to be funded to the end of phase 2 (which costs a lot more, as it will have more patients and it will be a global trial with many sites... with A$5m an example of how much they expect each site to cost to set up).

Management know that the costs will be quite manageable in the first 12-18 months of this company.. but once more trials are run concurrently and your main product enters into phase 2 trials.. then costs ramp up dramatically. However that is usually 2years+ , so there is no point in raising capital for that on IPO, which is always at a heavy discount (20 cents). Much better to get some data out there, and do the next raise closer to the 18 month post IPO, and trust that the company will be trading higher than 20 cents, meaning existing shareholders will be diluted less.

Everything looking good so far.. Board is looking more impressive as the months go by, ex-Celgene non-exec ... these guys and girls don't join companies they don't see real potential in... Chimeric management and Board built for a multi-billion market cap company, now trading at approx. A$100-$140m.