DOCUMENT 09 · ILLUSTRATIVE SERIES A PLANNING MODEL · USD MILLIONS · AUGUST 2026
Three-Year Milestone Budget
The $15 million use-of-funds model, annual plan, milestone gates, and quarterly cash requirement.
Year 1
$4.00M · 27%
Alpha architecture, prototype, and bench evidence. Ending cash $11.00M.
Year 2
$5.95M · 40%
Beta units, verification readiness, and regulatory alignment. Ending cash $5.05M.
Year 3
$5.05M · 34%
Pilot-ready technical, evidence, and operating package. Ending cash $0.00M.
Use of funds
| Category | Allocation | Year 1 | Year 2 | Year 3 | Total |
|---|---|---|---|---|---|
| Engineering + prototype | 35% | $2.40 | $2.10 | $0.75 | $5.25 |
| Testing + regulatory | 20% | $0.25 | $1.50 | $1.25 | $3.00 |
| Clinical + research evidence | 15% | $0.15 | $0.75 | $1.35 | $2.25 |
| Software + data platform | 12% | $0.65 | $0.70 | $0.45 | $1.80 |
| Team + operations | 10% | $0.45 | $0.55 | $0.50 | $1.50 |
| Contingency + working capital | 8% | $0.10 | $0.35 | $0.75 | $1.20 |
| Total | 100% | $4.00 | $5.95 | $5.05 | $15.00 |
Milestone-based capital release
| Gate | Timing | Cumulative | Increment | Required deliverables | Decision test |
|---|---|---|---|---|---|
| 1 | Month 3 | $0.75M | $0.75M | Requirements, initial risk register, architecture options | Feasibility confirmed; scope refined |
| 2 | Month 7 | $2.00M | $1.25M | Modeling results, architecture review, updated quotation | Output concept and safety architecture credible |
| 3 | Month 12 | $4.00M | $2.00M | Alpha prototype, bench data, calibration method | Alpha meets agreed acceptance criteria |
| 4 | Month 18 | $7.00M | $3.00M | Beta design, beta units, software baseline, test readiness | Ready to enter formal verification |
| 5 | Month 24 | $10.50M | $3.50M | Verification, pre-compliance, human factors, regulatory update | Evidence supports pilot preparation |
| 6 | Month 27 | $13.50M | $3.00M | Supplier/service plans, research readiness, pilot sites | Commercial and operational readiness supported |
| Final | Month 30 | $15.00M | $1.50M | Final reports, BOM, cost model, pilot recommendation | Board approves pilot or stops/re-scopes |
Quarterly cash requirement
| Y1Q1 | Y1Q2 | Y1Q3 | Y1Q4 | Y2Q1 | Y2Q2 | Y2Q3 | Y2Q4 | Y3Q1 | Y3Q2 | Y3Q3 | Y3Q4 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Spend | 0.75 | 0.95 | 1.10 | 1.20 | 1.40 | 1.45 | 1.50 | 1.60 | 1.50 | 1.35 | 1.20 | 1.00 |
| Cumulative | 0.75 | 1.70 | 2.80 | 4.00 | 5.40 | 6.85 | 8.35 | 9.95 | 11.45 | 12.80 | 14.00 | 15.00 |
Planning principle
Capital is released only after written acceptance of deliverables, updated technical risks, actual-to-budget review, revised cost-to-complete, IP documentation, and board authorization.
Important limitation: this is a management planning model — not an engineering vendor quote, audited forecast, or commitment to spend. Amounts and timing must be revised after competitive quotations, regulatory classification, study design, supplier diligence, and board review.