@UlladullaDave I actually hope he does. Even a mere $5m to provide some buffer to the $3m cash on hand, would help. More, would give him some resources if he wants to licence in new molecules over the next 1-3 years. So, maybe $10m-$20m would be better. After all, in a tiny raise you lose a lot in fixed fees.

As @Strawman said in the interview, if you wait until you need it, you can find it costs a lot more (or words to that effect.)

So, given an uncertain future, I'd take the option for a small dilution today than a bigger dilution a year or two down the track.

Given that Blair clearly takes some pride in not having significantly diluted shareholders since IPO, I'm more concerned (based on today's revenue targets, which I've argued are very do-able), they he'll push ahead without further capital. He's got $3m in the bank, and each month he can see the balance growing. He's already got 8-9 people in UK/Europe, so doesn't need a big step up in headcount to pursue the targets. In Australia, he's said the focus for FY25 is driving the existing accounts, and not adding new ones. In fact, I get the feeling he's starting to get inbound calls from outlets that aren't currently stocking the range.

I wonder what counsel he's getting from his Board?

Agree they would be nuts not to try and raise a sizeable amount here – and as they've got Canary Capital on retainer (and Canary has already been paid with 7.5m options) it seems unlikely they will not be raising anymore money. To be honest, I find it totally implausible that they could achieve these revenue targets without further capital – having a million dollars in invoice financing on the balance sheet doesn't scream self-sustaining business to me.

Those three year revenue targets form part of the LTI so probably uncontroversial to assume that management don't consider it a stretch target as long as they can get the funding.

But yeah, the valuation is just beyond the realms of normal.

It's a cumulative target @mikebrisy, but your point still stands -- it's an ambitious target. But certainly possible if they can maintain some good sales momentum.

D-Oh! @Strawman thanks for pointing out. The risk of not paying attention!!!!