I didn't quite read it as a 40% reduction in overall cash burn,...

I didn't quite read it as a 40% reduction in overall cash burn, rather staff levels (workforce) being cut by said amount on what I'm presuming is an absolute basis (e.g. 20 staff to 12; or whatever the number might be). Even then, we still have other overheads and the like that comprise our cash burn.

Nevertheless, I've been fairly critical of the company - as I genuinely try to be with most companies I hold - but this is certainly a much-needed boost in the arm. It should renew some degree of confidence within the most ardent of sceptics (hi @aquadog) - at least a little bit. They have also sought to address the issue of financing by making note of non-dilutive funding options - so it's good these discussions have started early, not like another company I'm thinking of.

Of course, the results will speak for themselves in the weeks/months ahead, but there is now a more streamlined vision of where the company wants to head, which in a business sense often serves better than trying to be a jack of all trades, master of none.