Ann: Investor Presentation, page-22

I share your concern. However, they were able to raise money last December @ 15¢ without asking retail investors. I think it likely that sophisticated investors will be prepared to support this sort of operation with the relatively small (to them) amounts of money needed to keep the lights on.

I had thought that the forays into cartilage and tendon repair were misguided, since there are already ways to repair at least tendons. I have rethought that - what if the scaffold helps in repairing a difficult subset of tendons - that could be more lucrative , as tendon problems would be more common than , say, skull damage. Especially since Osteopore contributes very little to the basic research.
I agree it is not a comfortable stock to hold - the future is totally unknown.