LYTENAVA real value

Here are the break‑even revenue numbers using the company’s last 3 quarters average operating cash burn and the assumptions we’ve been using.

Inputs used • Avg. operating cash burn per quarter (Q1–Q3 FY25): $13.15M (≈ $4.38M/month). This already includes cash interest; it excludes any debt principal repayments. • Gross margin (GM): 70% (from Q3). • Debt principal & cash fee (if paid in cash): $3.00M + $0.225M = $3.225M per quarter. • Austria + Netherlands prep (combined): $1.10–$1.38M per quarter (≈ $0.37–$0.46M/month).

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1. Operating break‑even (no debt principal, no AT/NL prep)

Required net revenue = Operating cash burn ÷ GM = $13.15M ÷ 0.70 = $18.79M per quarter (≈ $6.26M per month)

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2. All‑in break‑even (includes debt principal+fee and AT/NL prep)

Add costs: $13.15M + $3.225M + $1.10–$1.38M = $17.48–$17.76M per quarter Required net revenue = Total cash needs ÷ GM = $24.96–$25.36M per quarter (≈ $8.32–$8.45M per month)