What is IXC Management doing well ?, page-20

"All cash and cash equivalents are held with large reputable financial institutions within Australia and therefore credit risk is considered minimal."

This s from the Annual Report and just for reassurance not that there was any real danger it was all squirrelled away at SVB.

But as we are on the topic of cash I think there are two small positive points that it is worth considering.

1) It can be noted that we have most of our cash on floating rates. Interest rates have risen so quickly, that my mindset has yet to catch up with the fact that cash now actually produces a return. I am not sure what our average cash balance is likely to be during 2023, but I would guess it is going to be something like US$ 16mn to US$ 20mn. Well a return of between 4% & 6% on that average balance is not to be sniffed at, especially in the context of our low corporate overhead costs.

2) The collapse of SVB and its importance in the West Coast Biotech ecosystem is going to deepen and prolong the ongoing funding drought for many clinical and pre clinical outfits. In this current environment, what an advantage it is to know that our only concern needs to be a pivotal readout. I suspect there are going to be a good number of investors in other names who will get the science right but their capital structure/ funding analysis wrong.