Assuming an average cash burn rate going forward of 1.2 times the level in the Track Record Period, we estimate that our cash and cash equivalents financial assets measured at FVTPL as of March 31, 2024 will be able to maintain our financial viability for over 22.0 months from March 31, 2024, without taking into account 7.0% of the estimated net proceeds from the Global Offering, namely, the portion allocated for our working capital and other general corporate purposes; or, we estimate we will be able to maintain our financial viability for over 23.1 months from March 31, 2024, if we take into account 7.0% of the estimated net proceeds from the Global Offering.
Financial Information · 第 491 页
Our Directors are of the opinion that, taking into account the financial resources available to us, including cash and cash equivalents and the estimated net proceeds from the Global Offering, and considering our cash burn rate, we have available sufficient working capital to cover at least 125% of our costs, including general, administrative and operating costs (including any production costs), research and development costs, and business development and marketing expenses, for at least the next 12 months from the date of this prospectus.
黑芝麻智能国际控股有限公司Black Sesame International Holding Limited02533.HK
现金消耗率及现有资金可维持约15.6至25.8个月
Our historical cash burn rate was RMB56.6 million, RMB70.1 million, RMB100.8 million, RMB107.4 million and RMB105.1 million in 2021, 2022, 2023 and the three months ended March 31, 2023 and 2024, respectively, mainly representing our investment in R&D activities.
Financial Information · 第 405 页
We had cash and cash equivalents, current financial assets at fair value through profit or loss and unutilized banking facilities of RMB1,370.5 million as of May 31, 2024.
Financial Information · 第 405 页
we estimate that our cash and cash equivalents, current financial assets at fair value through profit or loss and unutilized banking facilities as of May 31, 2024 will be able to maintain our financial viability for 15.6 months or, if we take into account 10% of the estimated net proceeds from the Listing (namely, the portion allocated for our working capital and other general corporate purposes), 16.6 months or, if we also take into account the estimated net proceeds from the Listing, 25.8 months.
Assuming an average cash burn rate going forward of 6.3 times the level in 2023, taking into account the scheduled payment of indebtedness, we estimate that our cash at bank and on hand, together with other financial assets and time deposits as of December 31, 2023 will be able to maintain our financial viability for 9 months, or, if we also take into account the estimated net proceeds (based on the Offer Price of HK$13.50 per Share), 30 months.
Financial Information · 第 443 页
Our Directors are of the opinion that, taking into account the financial resources available to our Group, including cash and cash equivalents and the estimated net proceeds from the Global Offering, we have available sufficient working capital to cover at least 125% of the Group’s costs, including general, administrative and operating costs (including any production costs), research and development costs for at least the next 12 months from the date of this prospectus.
Our Directors are of the opinion that, taking into account the financial resources available to us, including cash and cash equivalents and the estimated net proceeds from the Global Offering, and considering our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses and administrative expenses for at least the next 12 months from the date of this prospectus.
Financial Information · 第 421 页
Assuming an average cash burn rate going forward of 2.1 times the level in 2022, we estimate that our total cash balance as of June 30, 2023, will be able to maintain our financial viability for approximately 25 months or, if taking into account the estimated net proceeds from the Global Offering, for at least 31 months.
Our Directors are of the opinion that, taking into account the financial resources available, including cash and cash equivalents of RMB12.6 million as of July 31, 2023, financial assets at FVTPL, unutilized bank facilities and the estimated net proceeds from the Global Offering, as well as our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses, administrative expenses and other operating expenses for at least the next 12 months from the date of this prospectus.
Financial Information · 第 523 页
We had cash and cash equivalents of RMB12.6 million as of July 31, 2023.
Financial Information · 第 523 页
Our Directors and management team will continue to monitor our working capital, cash flows and our business development progress.
Our Directors believe that, by taking into account our cash and cash equivalents of RMB559.1 million as of April 30, 2023 and assuming that our cash burn rate going forward will be approximately 1.1 times of the cash burn rate for the year ended December 31, 2022, we can remain financially viable for approximately 34 months from April 30, 2023 if taking into account the estimated net proceeds from the Global Offering (being the indicative Offer Price of HK$18.60 per H Share).
Financial Information · 第 397 页
we have sufficient working capital to cover at least 125% of our costs, including research and development costs, general, administrative and operating costs, for at least the next 12 months from the date of this prospectus.
Assuming an average cash burn rate going forward of 1.0 times the level in the years ended December 31, 2021 and 2022, we estimate that our cash and cash equivalents as of April 30, 2023 will be able to maintain our financial viability for over 36 months from April 30, 2023, without taking into account 5.0% of the estimated net proceeds from the Global Offering (namely, the portion allocated for our working capital and other general corporate purposes);
Financial Information · 第 530 页
As of April 30, 2023, the latest practicable date for determining our indebtedness, we had cash and cash equivalents of RMB1,342.2 million.
we estimate that our cash and cash equivalents as of December 31, 2022 for the purpose of the indebtedness statement, will be able to maintain our financial viability for approximately 8.4 months or, if taking into account the estimated net proceeds (based on the Offer Price of HK$12.41 per Offer Share) from the Global Offering, for at least 25.7 months.
Financial Information · 第 411 页
Our Directors are of the opinion that, taking into account the financial resources available to us, including cash and cash equivalents and the estimated net proceeds from the Global Offering, and considering our cash burn rate, we have sufficient working capital to cover at least 125% of our costs, including research and development expenses and administrative expenses for at least the next 12 months from the expected date of this prospectus.
Assuming an average cash burn rate going forward of 2.0 times the level in 2022, we estimate that our cash at bank and on hand as of December 31, 2022 will be able to maintain our financial viability for 39 months taking into account the estimated net proceeds from the Global Offering and for 17 months without taking into account the estimated net proceeds from the Global Offering.
Financial Information · 第 424 页
We will continue to monitor our cash flows from operations closely and expect to raise our next round of financing, if needed, with a minimum buffer of 12 months.
Taking into consideration the higher-than-before research and development expenses after LZ901 proceeded to its Phase III clinical trial in China and its Phase I clinical trials in the U.S., and assuming an average cash burn rate going forward of approximately 1.4 times the level for the 12 months ended December 31, 2022, we estimate that our cash and cash equivalents and financial assets at FVTPL, which were redeemable on demand as of February 28, 2023, or had been redeemed as of the date of this prospectus, and the proceeds received from bank facilities as of the date of this prospectus will be able to maintain our financial viability for approximately 14.5 months or, if we also take into account the estimated net proceeds (based on the low-end of the indicative Offer Price) from the Global Offering, for approximately 19.9 months.
Financial Information · 第 394 页
We will continue to monitor our working capital closely and expect to raise our next round of financing, if needed, with a minimum buffer of twelve months.
Furthermore, we had total cash and cash equivalents, financial assets at fair value through profit or loss (short-term), term deposits (short-term), and restricted cash (short-term) of RMB1,584.3 million as of September 30, 2022.
Summary · 第 17 页
Based on the average historical monthly cash burn rate across the six months ended September 30, 2022, the total of RMB1,584.3 million cash sources will be able to support the our operations for over 43 months from September 30, 2022 till April 30, 2026, without taking into account the estimated net proceeds from the Global Offering and future net cash inflow.
Summary · 第 18 页
In addition, it is estimated that additional working capital of approximately RMB200 million to RMB300 million may be required before our current net operating cash outflow position is turned into a net operating cash inflow position, which we currently expect to happen in 2025, based on information currently available to us.