It is true that the reported cash is about 33.5p per share as at 31 December which looks attractive at a 15p share price. However the company have spent about £7m in the six months to December and while spending should now slow down, future cash burn will depend on whether they continue with any further trials. There will also be ongoing admin costs and any dramatic reduction of overhead is likely to create a one off exceptional charge.
The question must be whether the company is to turn into a cash shell and how much cash will remain?? What assets or IP really have significant value?
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