Ann: PharmAust Appendix 4C and Shareholders' Update, page-4

I was thinking along the same lines BUT
they have $600k coming from Epichem Customer,
R and D refund $600k
Loan facility $900K 
with the Cash on hand $900K
So $3m at a pinch

My take is they will run on fumes after the Q2 trial , April to June , from there its only 90 says for Elanco to exercise the Option?
It will be tight but Prudent Management could see it over the line,,, did you see the example of the oth Clinical Oncology Company Eli Lilli purchased.. same stage and very similar to PAA ....