If you think this is the reason why Nvoi is wrong, I disagree....

If you think this is the reason why Nvoi is wrong, I disagree. There are a number of young companies paying more than 50% (or even more than 70%) of yearly expense on salary (and no profit at all). But Nvoi just used ~30-40% yearly expense. I cannot see anything wrong with such expenses. Many companies paid a lot to their CEOs during early phase, and finally some companies survive and some die, but this is nothing to do with their salaries (if they are paid not significantly higher than average level).

However, I am NOT saying that Nvoi is a buy option for many investors, and it might die eventually. But I do not think the numbers you are particularly looking at are the most important measures to evaluate such a company. As I said, survival or death is the first question to answer for Nvoi, and investors' opinions have been clearly reflected by the current price. At the current price, Some including me would like to bet its future to maximise our expected return while some quit to reduce the risk. That is all about it.