Uhhh I think I've done this forum thing wrong, but I'm not sure how active this forum is either way this is a cross post from another.

Pretty much been doing a tonne of research (could be bad research) into PCK which I have been following for a while.

I believe that the company will achieve breakeven cashflow at earliest June 2021 with a more realistic date to be December 2021 onwards, this is based purely off Australia. I believe that with any catalysts in USA/Europe/Asia this could accelerate this target. Once this target hits it will shift the paradigm of how the company is taken, operates and it's future could become exponential.

As a result of looking into this my thesis has been steadily growing in positivity so I just wanted to write down some thoughts and if you see any errors please feel free to point it out , maybe even make some counter arguments to provoke and refute my confirmation biases.
My current bull points are

• I have estimated that in Australia alone will give us an outlook of close to B/E operating costs at around 160k - 180k beds a year, which I believe will happen as soon as June 2021 but more conservatively December 2021. As this is purely considering the Australia adult pain revenues anything extra from Europe, Japan, USA or the Infant product will accelerate this quickly
• In 2020 if we hit the targets for the grant we should get $4.4m, combine with our current $5.8m and the expected revenue of $0.45m for this year minus the estimated 4 quarters of expenses ($1.8m a quarter) should leave us at roughly $3.45m cash at the end of this calendar year.
• Based on what the outflows have been I see a trend of expenses moving away from R&D and towards Staff costs, admin costs and corporate costs with a note that in the estimated outflows for next quarter they have put in a figure for product manufacturing and operating costs. This indicates to me they are moving into their next cycle of business, stepping away from making the product and fully selling and marketing their product. This gives me confidence that they are progressing steadily.

My current bear points are:

• Given these are all estimations it still will take a year or maybe two or three for the company to achieve cashflow positivity. At sometime before that point they will need to do a CR given that the expenses will eventually chew through the cash balance by mid 2021.Whilst this could be considered a neutral point I think this seems more bearish for me as if they do they are still reliant on further capital investments and aren't self sufficient yet.
• We don't have enough data yet and outflows have been rising the past 4 quarters. This could easily keep growing with additional costs of operations of other things we don't know about yet.