Ann: Change in substantial holding, page-7

Perhaps you'd like to think so? FYI this is an investor not a strategic holder and as such they will enter and leave as valuations and risk/return profile changes (unlike founders). That is often a better tell but if someone like this selling down (from ~14% ish to 5%ish) in a couple months isn't concerning then I guess nothing is.

Also look at the cash burn they will need a cap raise pretty soonish. Likely they'll try and pin that to the CFDA application and spin it as more of a positive. The thing is it's often what companies don't tell you that you have to read between the lines for. There's more to this stock behind the scenes than most holders here understand but it's up to you how far you want to dig.