Well it's lucky they did that raise isn't it? Back late last...

Well it's lucky they did that raise isn't it?

Back late last year, I was working on the basis that if they had $5m in case an were burning $2m a quarter, then maybe just maybe they'd squeak through without raising.

Then they went and raised $6.5m which effectively gives them an extra three quarters' grace period.

Now we can all do some speculative maths, have a guess what the royalty might be and work out how many customers PIQ needs a quarter to break even.

Now the irritating thing- of course- is that we get no sense of how long the delay might be. The whole ann gives the sense of "whoopsie! there's something we didn't think of. We promise not to ^#$% it up quite so hard next time."

Clearly the launch is delayed until at least Q3. If it blows out as much as next year then money's going to start getting tight again.

It would be good to know what the problem is, how serious it is and what the timelines are. In the mean time, hand waving is all we're getting.

This (delay) was my number one risk for this company and unfortunately they're meeting the wrong expectations.