You may want to reread their recent releases and then recheck your math. 1.39M Euros is a little below $2M. In addition, they announced in January that they got $7M upfront to renegotiate the Sigma Tau partnership. Since this happened in 2010, it is not reflected in the year-end 2009 cash position you reported on. That gets them to near $9M cash. Plus, they announced that they will be cash flow positive in 2010 off of $20-25M in revenue driven by pre-approval sales of defibrotide. This puts GENT in a much better position than your post implies.