Equity-backed Balance SheetThe company carries a meaningful equity cushion (~A$14.8m) relative to modest debt (~A$5.2m). This equity-backed position provides a multi-month runway for development activities, reduces immediate solvency pressure and gives management flexibility to fund milestones without immediate distress financing.
Improving Cash Burn TrendFree cash flow and operating cash outflows narrowed in 2025 versus 2024, indicating better cash discipline and cost control. Sustained reduction in burn rate lowers near-term external funding needs, extends runway, and improves the odds management can progress commercialization before forced dilution.
Signs Of Operating Cost ImprovementReported operating losses showed at least one year of improvement (2024 loss smaller than 2023), suggesting management has begun to constrain costs or improve operational efficiency. If sustained, this trend supports a clearer path to narrowing losses as commercial progress is achieved.