And your analysis consists of referring to the (relatively modest in my humble opinion) business progress while completely ignoring the dilution from all the raisings.
FWIW I think the negative impact of the regular dilutions significantly outweighs the modest progress they've made with the business (the market thinks so too which is one reason why the share price is where it is).
As I've said previously this company just doesn't seem willing or able to match their expenditures to any sort of close proximity to their revenues.
