Updated aerial of FBR HQ 24th of June 2018, page-246

Spot on, technically they are in a much better place with 2 x nearly completed HX's so is almost completely derisked, but commercially they have many gaps with no binding contracts and cash on hand to fund RnD and working capital only.
The path to commercialisation is only mm away but also they are miles away if no 3rd Party's will support the product. The risk therefore is heavily weighted to monetising their product and despite gaining global attention no one has put pen to paper, together with a board of directors which also haven't invested to provide confidence to the market and interested parties.

Fingers crossed Brickworks deal comes off soon, surely they wouldn't have announced this unless it was basically a done deal, and you wouldn't expect they would need the full 45 days before they make an announcement.