liabilities of $0.6 million, resulting in shareholders' equity of roughly$5.1 million and no long-term debt.At the time of writing, Virax's market capitalisation is approximately $1.7 million. Based on these figures, the Company is trading below its cash balance and at a negative implied enterprise value (market capitalisation plus debt minus cash), which in our view implies that the market is currently ascribing limited value to our clinical programmes, intellectual property, laboratory infrastructure and ...