Ann: $6.6 million Placement to advance clinical trial pipeline, page-55

I have held from the beginning.

I think you need to be a bit more realistic in your reasoning.

Firstly, the GBM drug (the original drug) prived to be more difficult to administer than originally thought. This drug sucked up a hell of a lot of funding and didn't return the expected results in the time they thought.
This could have been a company ender. But along came the pivot to the cd17 drug. Another lifeline if you like.
CarT drugs are really expensive treatments. The Cd14 treatment is circa $760k per arm. The GBM drug was more expensive than that, I believe. So, to keep the pipeline progressing until it gets to a point where a partnership deal can be made is very expensive. With no revenue stream that money has to come from investors or loans. Without a revenue stream, the conditions for loans are pretty horrible. See OPT for an example.
Big picture, investors dont like investing in companies they know will be needing a CR soon. And CHM has been in that position for a few years now. Only ever having two quarters of cash in the bank. This lack of cash, not only made new investors shy but also slowed the thials. As if they went full steam ahead, the cash pathway would collapse.
With the $4 million non dilutive funding and this latest CR, things are finally changing. CHM now has funding sorted until mid next year. We have enough money to treat the 10 persons on the waitlist for the cd17 trial. We are close to getting sufficient data to talk to partners.
Personally, I feel better about my CHM investment now than I have for a long time. The financials have been the main risk here, and now, finally, a lot of that risk has been removed. We are close to an inflection point where a partnership may fix any future funding problems. And we have enough money to get us beyond that point.
If the pipeline stops, the company is worthless. With trialling a CarT drug, cash flow is high. I wouldn't have wanted Dr. Becs job, as she has been walking a tight rope trying to balance trial spending vs. ASX money in the bank responsibility. Until this CR, no CR had made the required amount of money, so she has been doing this juggling unsupported by share holders. I think she has done well, and the family office deals she has secured have been company saving.

I can feel your frustration. But the GBM drug problem lead us to where we are. The BOD has been trying to keep the company alive since then. The money it has now secured means it is finally breathing on its own.