Ooops sorry, missed out the $4.9m share buyback.Let's try...

Ooops sorry, missed out the $4.9m share buyback.

Let's try again:

30 June cash balance $60.2m.
GSK settlement $20m
End Sept cash balance $55m
Expenses (other than “normal”)actually paid in1Q:
HRV (say) $3.0m + Litigation: $7.5m + $4.9m buy back

Thus other “normal cash burn” = $9.8m ($60.2+$20-$55- $3-$7.5) for 3 months from 1 Jul to 30 Sep or $3.3m/month.

To estimate Nov cash balance:
Cash inflow: Astra $4.2m; $1.9m Relenza; $0.1m others.
HRV trial: $6m ($15m – 3m =$12m from 1 Oct to 31 Jan)
Ave normal cash burn from above = 2 x $3.3m
Therefore estimated cash balance end of Nov = $48.6m ($55+4.2+1.9+0.1-6-6.6)
This equates to approx 27.5 cents per share, no where near the 34 cents spruiked by brokers.