I was on the AGM video yesterday too. They discussed funding in some detail there as well.

At the risk of stating the obvious - The big takeaway for me is that the FDA outcome is binary.

If they get it (due in the next few weeks) this should unlock a lot of the existing interest from potential trial partners and funding should be largely sorted (for better or worse).

If they don't get it, cash and next R&D Rebate should keep them alive for another 6-9 months which may or may not be long enough for a re-submission, depending on issues...

They talk about preferred partner / funding option to be a royalty payment from eventual sales of 5-6% of revenue until agreed costs of partner recouped but I suspect this is ambitious.

Getting past Phase 3 is not a slam dunk and a lot more drugs get past Phase 2 than 3.

So I expect any potential partner will want a larger slice of any potential pie - dependent on their assessment of likely phase 3 success.

PAR will be sharing existing data with potential partners / bidders for each to assess likely phase 3 success.

Still a few more twists and turns left in this one I expect.

Negatives from the AGM were management talking about rewarding shareholders with capital returns, billion dollar market, etc (way too premature IMHO).

Disc: Held (tiny position).