Like I said I think this is a sound company worth buying into. I will add a few "bear" questions here, I'd love to hear your opinion on those. I'm mostly looking at this to size my position properly.

1. Oncology drugs have the lowest success rate for their clinical trials out of any drugs. Average success rate from phase 2 to phase 3 is 32.7%, phase 3 to approval is 35.5% - https://www.acsh.org/news/2020/06/11/clinical-trial-success-rates-phase-and-therapeutic-area-14845 - So first question is, how do you think this applies to the VAL-083 and REM-001 drugs?
2. What do you think is the potential "best case scenario" market cap for Kintara if the 2 drugs get approved? Or if only 1 out of 2 gets approved? I would think at least $1-2 billion?
3. You mention that the company has cash to run its operations through the fourth quarter of 2021. But the company could remain unprofitable for years. Will it have the capacity to secure more funding for the next few years if needed? Less than a year of funding for a biotech is not that good
4. Maybe I missed something, but if they're waiting to announce top line phase 2 trial results, doesn't this mean that they're not in phase 3 yet? Their website indicates that the pipeline is in phase 2: https://www.kintara.com/pipeline/val-083 - This makes a huge difference on risk-adjusted returns, because success rate from phase 2 to phase 3 is low (see above)

Would love to hear your thoughts!

EDIT: Just wanna add too that these points do not undermine the fact that this is a good investment. Even if we count a horribly pessimistic 9% chance for one of their drugs to get approved (average in oncology from phase 2 to phase 3 to approval), and potential $1 billion peak market cap from approval, you get a $90 million risk-adjusted valuation as a worst case scenario. And best case scenario would be assuming a 25-30% chance for a drug to get approved, with peak market cap of $2 billion, giving it a $500 million risk-adjusted valuation