You can't really use the first two quarter's cash burn as an indicator of things moving forward. They were absolutely screwed at the beginning of this year. We already knew that. It's a shame they were mismanaging their finances that bad but yea, they burned through a lot of cash the first half of this year. The CellReady deal closed at the end of Q2 so these numbers still include the manufacturing facility costs. The Q3 numbers should be the first indicator of how things should look moving forward. That being said I am very skeptical they can make the cash run as far as they are predicting. I'm going to give them the benefit of the doubt that they did indeed strip down operations to bare bones but it seems like an aggressive target. The end of 2025 is 10 quarters from the end of the last one so technically they would need to be burning $1.8M per quarter to reach the target. Technically they have $9.7M in remaining grant funds so if we want to, for simplicity's sake, add that to their total cash they can burn ~$2.8M per quarter.
Again, not ideal and I am skeptical but I will give it to the Q3 report to see what it looks like.
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