who's taking entitlement, page-26

Bec was the one that secured the $4 million of non dilutive finance.
She is also actively promoting the CHM pipeline.

She inherited the financial state of the company, so I think it is unfair to place that blame on her.

CHM is a now $6 million market cap bio tech. It has no revenue stream apart from passing the hat around to shareholders. It must burn its cash holdings to ensure the pipeline continues to develop. Because if that stops, it has absolutely no value.

Because of the above, this is a very high-risk investment. So I think your expectations are a bit too high.

let's consider how the company got into this state.

Its original drug developed by COH Hospital had fantastic preclinical data. And a novel way of dosing to help overcome the complexity of the blood brain barrier. The company was financed for its development, with a reasonable hope that fast track or better approval. The drug cost CHM $10 million (now fully amortised), a big drain on the coffers. The treatment is also of high cost. But, although it showed very promising results, its manner of dosing was found too complicated and must be redesigned. So where the company had planned that the GBM drug development would have been further progressed, with better data growing company value, it has instead been parked while being redesigned. So, in effect, the coffers were drained with not too much to show for it.
They then pivoted to the Cd17 CarT, purchased for $750k (fully amortised now), and with a much cheaper treatment cost. Funds must now be found to progress this treatment to a point where it can grow company value. And that $4 million non dilutive funding, this placement, and that tax refund should be pretty close to achieving that (if the drug continues to be safe and show good data).

So we now have a company with a market cap of less than money in the bank. It has a first in class Cd17 CarT drug hitting arms, and so far, the results are looking pretty good.
It has an NK cell drugg hitting arms, and that has a couple of CRs to its name so far. And someone else is funding one of the ttials. (cost to company $75k fully amortised).
It has a GBM CarT drug sitting on the sidelines ready to be brought on when the finance state is stronger, and its dosing method is redesigned (we have been told this could be announced soonish).

So this is a very risky play. But the potential upside here is huge! The potential downside is total loss.

With the pipeline drugs now paid for, future cash burn has been reduced significantly.

The above information is from the original prospectus and company announcements.

To find an undervalued company with potential is an investor delight. However this delight is one full of risk!

I like it : )