$3.7M R&D tax incentive rebate received

This morning, our biotech investment DXB confirmed it had received $3.7M through a R&D tax incentive rebate for FY21.

This comes in addition to the already healthy cash balance of $16.2M that the $55 million-capped DXB had in the bank as of 31 December 2021.

Having this much cash means that the company won’t have to worry about trying to raise capital and can instead focus on the Phase III clinical trial for its FSGS product (a rare Kidney Disease). The trial is currently in the patient recruitment stage.

The primary reason that we hold DXB in our portfolio is to see it develop its FSGS product so we are looking forward to more updates regarding the phase III clinical trials throughout this year.

Together with the announcement regarding the rebate, DXB also launched an updated investor presentation which provides a useful snapshot of where DXB is at with its various products:

To see all of the reasons we continue to hold DXB in our portfolio, what we want to see the company achieve in 2022 and the key risks to our investment thesis, check out our 2022 DXB Investment Memo here.