They have been substantially cash flow positive the last two Q's...

They have been substantially cash flow positive the last two Q's with the IP cash.

They are currently EBITDA profitable (the IP cash is spread as revenue over about two years - so they will likely be EBITDA profitable over the next 18 months). In the last 6 months, they have been EBITDA profitable (a fact ignored by Mr Market)

Product uptake, as you state, Jmap is the key. It is make or break. The CR was to increase sites that FebriDx can be sold into from 18,000 to 270,000. I completely disagree with the CR. I would have wanted to prove the product can be sold into the current 18,000 sites. But management has done what they done. I think they could have, alternatively, proved the product uptake, proved the $ fundamentals of the bottom line has become much better (it is), THEN the share price would have risen, THEN if they wanted to say 'product proved into the 18,000 sites, let us raise $6 mill for a study to get to 270,000 sites', all would have been smoother.

Let us say they get the waiver in 12 months. But if you sell next to nil to 18,000 sites you are going to sell next to nil to 270,000 sites. So what is the point.

It seems odd the management have done such a gamble - on one product uptake, when the underlying business services and IP was so positive.

But, if the product uptake is growing right now (we dont know) then the company will be great. Product uptake is indeed the key.