Ayala Pharmaceuticals Inc (ADXS)

[ubmmg]

Cash and CEs as of 7/31/19 : $41.8MM
Cash and CEs as of 10/31/19: $32.4MM
Cash burn rate per quarter: $9.4MM
Annualized rate: $37.6MM (close to what they say).
Well, with this cash burn rate they are out of cash by mid-August 2020. Why they keep saying "we cash into early 2021"? Even though they mean a financial year that starts 11/1/2020 -- not a calendar year -- it's almost three months shorter than they estimate. If they are to replenish their coffers by 6 months before it's on E, the raise will be no later than March, but likely in February 2020. Will they have a solid data by then? Not likely. So, how they are going to pull this off then?