Given that the spend is heavily weighted towards R&D and that...

Given that the spend is heavily weighted towards R&D and that they should have enough funding to get themselves through to the stage where they are a TO target I see the spennd as very much in line with expectations

Have a look at the annual loss on a few dogs like UTR, WGL, JCS, LSR etc and you'll see that the money is going to the right places, eg not directly into management's pockets

Sure $1.7m of the 5.2m spent last year was for share based payments in lieu of salary so not like they are working for free but the fact that they are happy enough to add to their already significant stakes in the company rather than sucking cash out is a positive.

They essentially don't get a pay day unless their shareholders so