June deadline1 May 2026 08:33
Problem here is timing and cash. Today we enter May and cash runway lasts until June unless the payment by Haleon is agreed which at the moment it isn’t.
Unfortunately the announcement that the board also looking at dilutive funding means many investors will be put off until that is sorted which likely to be a heavily discounted placing at say 0.5p.
Let’s see if CEO pulls a deal off in next few weeks. But that is why I think No1 that the price has weakened and remains weak.
Based on the Group's current forecasts and excluding receipt of this milestone, existing cash resources are expected to provide runway into June 2026
o The Board is actively considering a number of dilutive and non-dilutive funding and strategic initiatives to extend the Group's cash runway beyond June 2026 if the receipt of the US patent milestone from Haleon were to be delayed. Whilst active discussions are ongoing and the Board is confident , there can be no certainty of the outcome of these discussions