NEA going gangbusters, page-63

It'll show (explicitly) that the cash burn rate was $7m for this half alone.

I don't think the punters will like that. NEA 4 lyfers will point at US ACV, but if you throw enough money at it of course you're going to get something, lest it's a complete disaster.

They have $20m cash now. If they keep the burn rate up they'll surely need to raise within 12 months. MS's price target assumes a raging success in the US, arguably that's irresponsible by them but of course it was more intended to support a potential raising rather than as an altruistic offering for the punters.