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Microcap Chimeric Therapeutics (ASX:CHM) has confirmed its receipt of a $4.17M tax rebate from Canberra for R&D activities.
The cell therapy tech developer now sits on a >$4M cash injection, which – as HotCopper users in the announcement thread pointed out – is around half of the nanocap’s overall capitalisation.
The R&D rebate comes from the well-known Australian government 43.5% tax offset offered to companies conducting research activities on new technologies.
A wide range of pursuits make a company eligible for the R&D offset, but the program has its critics – many companies may be inclined to pick up ‘greenwashing’ type pursuits just to get more money back off the rebate than what those commercialised opportunities could have provided.
Of course, the program is also a legitimate lifeline – especially for companies on the smaller end of things.
The company is closely watched at times, given it’s ultimately tackling leukaemia.
In October, the stock saw a bit of action when it reported at least one patient in an ongoing blood cancer trial showed a “complete response” to Chimeric’s therapy of focus.
The company is ultimately seeking to combine standardised chemo drugs with natural immune system cells the human body produces.
CHM last traded at 1cps.
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