Thanks for sharing. I think that's a well balanced outlook on things and I respect that you can list positives while also acknowledging risks.
Your final dot point is the elephant in the room as far as I'm concerned. I get the impression that having to raise capital again before any agreements are in place is the likeliest outcome.
If management can pull a rabbit out of the hat and get some funding without a capital raise in the near term it would be a very welcome surprise for me.
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