Your model is flawed because it conflates gross revenue with net income. Add a cell for the estimated profit margin. Historically, the sector is around 14%. Some here believe that Blarcamesine margins will be higher, in the 20-25% range.
Once you have the profit margin, multiply that by the gross annual revenue (# of patients x annual cost). Use this net income as the basis from which to assume dividends, as there isn't a company in the world that issues dividends based on gross revenue. It's also possible Anavex doesn't issue a dividend for as long as it's in growth mode. Profits could be pumped right back into running additional trials if the company believes there are more indications that need to be tested.
News 
Market Data 
Discover 
