Will VNRX do another capital raise before EOY23?

I think yes, they will because on June they said they will reach break even for Vet in 2-3 years. They are currently burning $6m/q cash and have have cash for almost 4 quarters. This raise gives them another quarter which gives them money for almost 5 quarters run rate.

Why yes:

• They are consistently taking longer to execute than they say (so 2-3y probably means 3-4y).

Why no:

• They are probably signing another HSKA-like deal this year which will give them another big pile of money.
• They are going to sign deals for their other products which will bring in more money.
• Revenues will grow quicker than expected because there is no real competition or replacement product for this so it will get adopted very quickly.