Missling's poorly worded answer to the analyst's question needs to be parsed in the context of the question that was asked which was, Are you expecting any increases in the quarterly spending this year? (Bold is mine.)
If you think about it, TGD's answer was very clever but also quite revealing. What TGD was effectively saying was that the trials wouldn't be starting until later in the year. What the analyst should have asked was whether there would be any significant increases in quarterly spending this year or next year. (Bold is mine.)
There is simply no way Anavex's cash burn won't go up significantly if/when all three programs go into trials. Australia provides tax credits (not cash) and perhaps some facilities, the Rett Syndrome Foundation has provided just $600K toward the Rett study, and there has been no commitment of cash or grants to date by any industry group or government in N. America for AD trials and there is no funding in place for PD trials in Europe. As a reminder, the MJFF only provided funding for preclinical research. There has never been any announcement of further funding from MJFF for clinical trials. Of course, all of this could change. But if it doesn't, Anavex will have to try to raise a substantial amount of money.
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