Thank you for standing by, and welcome to our Quarterly Investor Call. All participants are in a listen-only mode, so be rest assured that nobody else on the call will be able to see or hear you. There'll be a presentation followed by a question-and-answer session that I will announce at the end of the presentation. To ask a question, please use the Q&A box on the Zoom control panel, or feel free to raise your hand to ask a question in person. Those joining by telephone will not be able to raise a question. An audio recording of this call will be made available on the company's website later today. I would now like to hand the conference over to Ray Ridge, Chief Financial Officer.
Thank you, Jack. A brief formality before we commence, I would like to remind those on the call that today's update may contain forward-looking statements, which do involve inherent risks and uncertainty. Those risks and uncertainties include those disclosed in our ASX lodgements, which we recommend that you review. There are, of course, reasonable grounds for any forward-looking statements made today. However, due to their inherent uncertainties, we recommend that you do not place undue reliance on those statements, and actual results may differ materially from those forward-looking statements. We are now ready to go, and I will hand the call over to our CEO and Managing Director, Brent Barnes.
Fantastic. Thanks, Ray. And look, welcome, everyone. It's great to host today's Investor Call. Also joining us on today's call is our Chair, Rebecca Wilson, who will be available for questions and answers to be held at the end of today's call. Our sales strategy is building momentum with pharmaceutical customers globally. We are focused on engaging with large pharmaceutical manufacturing companies that have multiple manufacturing facilities globally. This focus has resulted in us engaging with 14 of the top 20 largest pharmaceutical companies by revenue. Recently, we have progressed our engagement with two of those top 20 pharmaceutical companies, placing instruments for evaluation in this current quarter. In addition, last week, we announced the sale of five instruments to AstraZeneca that we expect to install at global locations over the coming six months.
In fact, when we consider the first half of fiscal year 2025, so from July to December 2024, we expect to ship eight APAS Independence instruments, six of which are sales and two for evaluation with leading pharmaceutical manufacturing companies. This is by far the largest number of instruments we've ever shipped in such a timeframe. Importantly, we've been preparing for this in the background. Our teams are ready. Our supply chain and manufacturing is ready, and we will be successful to ship, install, train, and embed APAS Independence with our customers over this time. A week ago, we announced the signing of a sale and service contract with AstraZeneca, who have placed an initial order of five APAS Independence instruments.
The contract value is between AUD 3.4 million to AUD 4.1 million, which is a range because it will depend on the levels of annual maintenance and software support services taken up by AstraZeneca. The annual maintenance and support is over a seven-year time period, providing profitable and recurring revenue to the company. However, the majority of the contract value will be received as instruments are installed at AstraZeneca, which we expect to happen before the end of this calendar year. This represents material cash inflows for the company, which firms up our balance sheet and cash runway. The five instruments will be shipped across three AstraZeneca facilities in Europe and Asia as part of a phase one rollout plan for APAS across their large manufacturing facilities globally.
AstraZeneca continued to progress their internal validation of APAS and made the decision to progress with the initial order based on positive performance data observed during their internal validation program. There is potential for AstraZeneca to purchase additional APAS instruments following this phase one rollout, whereby instruments will move into routine operation. AstraZeneca has been a valued partner, and I'd really like to recognize their team members who've been collaborating with us and our team over many months now. It was actually back in January of 2023 that we received AUD 1 million of funding from AstraZeneca to develop a new analysis module for the reading of culture plates used for environmental monitoring purposes. That R&D work has been completed, and it was around five months ago, back in March of this year, that we finalized our validation of APAS and launched into the pharmaceutical market.
The purchase and rollout plan for AstraZeneca provides evidence and confidence that APAS Independence is a validated technology that meets the stringent requirements for environmental monitoring during drug manufacturing. Importantly, this is an application to all customers globally, and we are seeing increased interest from new customers as we continue our sales, marketing, and awareness efforts for the technology. I'll now hand it back over to Ray to talk through the financial results for the quarter.
Thanks, Brent. I will now provide an overview of the financial results we recorded in our Appendix 4C, lodged with the ASX in July. All figures are in Australian dollars and in accordance with ASX Listing Rules. They are not audited. For the quarter ended 30 June 2024, LBT reported net cash outflows of AUD 0.1 million, comprising AUD 1.2 million outflows due to operating and investing activities. This was net of receipts of about AUD 0.2 million from customers for analysis module renewals and some development funding from AstraZeneca. There was AUD 1.1 million in inflows from financing activities, largely being proceeds from the early exercise of options, which included strong support shown from some of the company's larger shareholders, and approximately AUD 0.4 million from Board and Management. These cash flow movements in the quarter resulted in a reported cash balance of AUD 2.4 million at 30 June 2024.
Inflows expected in the next quarter also include AUD 0.8 million in receipts from existing debtors, plus now approximately AUD 1 million we expect from the R&D Tax Incentive, which will be lodged shortly. And of course, we would also expect to see net cash inflows before the 31st of December for the recently announced AstraZeneca supply services contract. On the current AstraZeneca rollout schedule, we expect the majority of the five instruments to be installed this calendar year, with terms being payment within two months of installation. Under the agreement, standard pricing for the instruments supplied, although there is no annual license fees, given they've effectively paid all those upfront by providing the development funding. Finally, the company at 30 June had 191 million listed options outstanding, which is due to expire on the 15th of September 2024, the exercise price of AUD 0.005.
That is well below the current market price. So if fully exercised, this would raise another AUD 1 million in proceeds, with AUD 0.8 million of that being applied to repayment of the loan to the South Australian Government. Back to you, Brent.
Thanks, Ray. Look, with respect to the outlook, there's going to be a clear focus for our customers, but I'll categorize kind of three areas being customer experience, sales execution, and market expansion. Customer experience will be our primary focus as we execute the delivery of eight APAS instruments to six global locations, majority of these obviously being AstraZeneca. In parallel, we'll be supporting AstraZeneca in assisting them finalize their internal validation of APAS. This is important because it establishes a body of evidence that demonstrates the performance of APAS in situ within their manufacturing environment. They have designed their validation program to be completed at a single location that is representative of all of the global facilities they plan to implement APAS in. This means that the validation is done once, and a straightforward installation program can occur following this.
Another customer of ours is NovaCina, which is a Perth-based contract drug manufacturing organization that purchased an instrument early this year. They are now ready to receive the instrument, and we will deliver, install, and perform training by the end of August. Following this, we'll support them in their validation process that assists them moving the instrument into routine manufacturing usage. Sales execution is focused on working with prospective customers to develop existing opportunities and advance them through the sales pipeline. We've only just delivered two instruments to two of the top 20 largest pharmaceutical companies, slightly ahead of our expectations. These evaluations are funded by each company and expect to last a few months. Over this time, APAS will be run in parallel with their routine environmental monitoring process, allowing for performance data to be generated.
We expect to closely support these evaluations, assisting with data generation and statistical analysis. Market expansion will see a continued marketing push in increasing the product awareness and to create new customer leads and sales opportunities for APAS in the pharmaceutical market. The company will attend and demonstrate APAS at high-impact conferences in Europe and the United States in October and November, as well as hosting a customer experience day in Europe during September. Recently, we co-authored a white paper that has been accepted for publication in the American Pharmaceutical Review. It takes a scientific and data-focused perspective on how APAS has been validated for use in routine environmental monitoring. In closing, we've had an absolutely terrific start to fiscal year 2025, where the company has progressed into a revenue-generating business. I look forward to answering any questions, and I'll now hand it back to Jack to manage that process.
Thank you, Brent. We will now commence the question and answer session. Please remember, if you'd like to ask a question, either use the Q&A function on the Zoom control panel at the bottom of your screen, or raise your hand and wait for your name to be announced. If you wish to cancel your request at any time, simply remove the raised hand. And I'll start with a question that's come in through the Q&A function. Will you be providing BPAY details for us to exercise LBTO options in September?
Yes. We have an updated form, so if you contact the company, we can provide that. Also, if you contact the registry, they'll be able to provide that. And following that, we are just about to send letters out with those details on to all remaining option holders, and that letter should go out by the start of next week. So you should receive them next week.
Thank you, Ray. So we have no further questions, so I'll just leave it for a moment and remind you, if you would like to ask a question, either use the Q&A function on the Zoom control panel or raise your hand if you'd like to answer that question in person. So we have no further questions at this time. And so that does conclude today's quarterly investor call. Thank you all for.