I’m actually kind of lucky this clarification was only released...

I’m actually kind of lucky this clarification was only released today as I sold half my holdings yesterday partly because of the confusion it caused me over their business model.

I think with fears of recession growing there are some financing risks during this initial cash burn phase. Even assuming execution continues to carry out well, in a credit crunch environment the necessary future financing might come demanding higher returns - ie lower cap raise prices. So until it’s CFN this remains more highly leveraged to the general health of the economy. Not such a risk of failure imo, but risk of valuation. I’m kind of expecting continued subdued prices now until clarity emerges over the damage the virus has caused