I had a look at the consolidated financials by KPMG as of Apr 30,2017. I am not an accountant so I don't understand the subtleties but in terms of the big picture on page 10 it states that as of Apr 30, 2017 Zenith had $10.2 million USA dollars in cash with commitments of various types amounting to $3.3 million US over the next 12 months. Plus the cost of the phase 1 clinical trial is expected to be $5.9 million and this or part of it can be canceled if it is not looking good from what I understand.

KPMG stated that they believe the cash will be sufficient to fund activities for the next year (i.e. through Apr 30, 2018). KPMG state that the cash will not support activities beyond that without raising additional funds. In another section they state that Zenith is not expected to make any money in the foreseeable future. Hence it will need to keep raising funds. I wonder if KD will step up to the plate again.

So, while I always get excited by the science it is important to have a sobering analysis to bring one back to reality. Zenith may be similar to RVX 6 or 7 years ago. I believe Zenith, while it may have huge potential, is at the beginning of an 8 to 20 year journey of experimentation and that will only happen if Don can keep raising capital.

If zen3694 is a breakthrough this will change the game financially and it will also have a strong halo effect on RVX in terms of scientific integrity.

Bottom line is that from my perspective unless we hear great news on the zen3694 trial it will be a long way to liquidity on the share side.

Final point is that our share are now in Zenith Capital. Even if revenue flows into ZC there is no guarantee that funds will be dispersed to shareholders.

GLTA 

Toinv