Thanks AdoboLets go through the figuresCash at 30-Jun =...

Thanks Adobo

Lets go through the figures

Cash at 30-Jun = $60.2M
Net receipt from GSK = $12.5M ($20M less $7.5M legals)
Spent on buyback = $5M
Spent on HRV = $15M
Receipt from AZ = $4M (left out of your message but I am sure that was a slight oversight)
Closing cash based on above = $56.7M
Actual closing cash = $55M

Net difference between cash at September and cash according to my calculation = $1.7M cash outflow. If this is correct, BTA burned $1.7M the last quarter. Annualised this comes to about $7M p.a.


I am not going to defend the board or management, in fact I will do the exact opposite, I am just trying to understand the cash burn.