An ASX update saying that they just got $2 million in R&D tax refund. This compares to about $6 million in operating cash outflows for the quarter and $22 million for the year (according to their recent 4C). They've got about $34 million in the bank.

They are expecting the first data from their Social Anxiety Disorder (SAD) trial by the end of this calendar year, and the first data from their PTSD trial in 1H23, by which I think they mean the first half of the calendar year 2023.

So I suspect that a capital raise will happen early next year if the SAD trial is looking good, and maybe May/June if not.

(Disc: held)

As @MattBricks pointed out, they are looking to start a new Phase 2 trial investigating the use of their drug BNC210 for "Social Anxiety Disorder" (SAD). This is in ASX announcement 20/9/21. [I can't seem to figure out how to put links in my posts.]

Similar to the story for the BNC210 trial for PTSD, the company thinks that the new tablet form of the drug will give better outcomes than the liquid form that they used in their last study. Apparently, the liquid formula was absorbed too slowly and it needed to taken with food, so it was not as effective as they hoped. But the tablet formula is absorbed quickly (45 mins to 105 mins) and so could work well. They want to get the trial underway by the end of the year, recruiting 150 patients in the US, and reporting results in late 2022.

(Disc: held).