That's 18 months worth of expected expenses or 18 months worth of reasonably expected losses? I am confused. If a company has any dependable revenue, I would

That's 18 months worth of expected expenses or 18 months worth of reasonably expected losses? I am confused. If a company has any dependable revenue, I would expect that to count against the money you have to have in the bank. What do others say? I am a big fan of cutting expenses to a min, and funding from operations to the extent one can but have noticed that VC types don't like this (relatively low-risk) strategy. Not entirely sure why.