Where did the money go?It's been 1 year since the financing.
They have spent approximately $1,912,500 per quarter for the last 4 quarters. We knew they had payments to make Sigma Aldrich to make the formula, deals with the test sites, a deal with Alphora Research, see bottom.
I do not think the spending is unusual.
I do however really question the ammount of hiring they were looking to do before covid shut that down. Most seemed to be for the cold laser. I don't see how we could have hired all those people and be in a good cash position to finish the trial. They keep saying the sale of TLC-1000 and 2000 lasers will finance the ACT but they keep losing money selling lasers.
The focus should totally be on the ACT.
Alphora Research Inc. (“Alphora”), a full service contract research, development and manufacturing organization (CRDMO) for complex and niche small molecule active pharmaceutical ingredients (APIs), based in Mississauga, Ontario, Canada