MDC posted a net loss of A$7.2m which was ahead of our forecasts. The sale of the nutraceutical business clouded the result, where a $1.2m gain on disposal was recorded. MDC finished the year with A$5.2m in cash and a R&D tax rebate of A$3.2m is expected in the next month. MDC plans to dual list the company on the NASDAQ and ASX. The US listing is expected to open up opportunities for further funding and licensing deals. We expect news flow on both funding and licensing to drive investor interest over the remainder of CY22. We have made no changes to forecasts. As a result our DF based valuation and target price remain unchanged at A$44.53. We maintain our Speculative Buy recommendation.