Ann: Investor Presentation, page-60

Their pcm is obviously of practical use, however it isn’t the disruptive product that their original FR story promised to be.
There are dozens of potential chemicals which are candiates for pcm, and there are plenty of others already in production. So while pcm currently provides them some much needed revenue, it’s not exciting to me, not worth the risks posed by their balance sheet and cash flow statements.
The total addressable market for bedding pcm is not spectacular either. Even if they captured half of the market over the next 5 years, it’s not an exciting proposition to me, even without the risks of dilution or insolvency taken into account.
Their other pipe dreams are just that imo