why are ppl buying, page-21

I'm not convinced even though I did buy a decent amount late last week.

Sept quarter had cash of $4m with expected outgoings of about $2.5m. You would say half of that would be gone based on where we are in the current quarter. Conservatively, I'd say they will spend the $2.5m and will have $1.5m cash. As teddy mentions, redundancies etc will result in one off outgoings.

The R&D refund is not going to be large. FTT are quite detailed in how they break down R&D (have a look at their half-yearly). As I mentioned previously, the receivable for R&D is only $106k at 30 June 2018 when R&D expenses as a whole (clinical expenses alone are over $2m) are much larger. So I wouldn't expect a huge R&D refund.

I don't think, at present, a $10m market cap is reasonable.

I do think it possible that Chris B may use his contacts to assist FTT find a suitable company that may be interested in vending or listing on the ASX. I have noticed in the past that a few US companies have chosen to list in Australia rather than the States. This could be because of less onerous listing requirements..... And Chris B has contacts so he may have parties that are interested in accessing a listed biotech with some cash on hand. This is all speculation as I have never spoken to Dr Behrenbruch.