Ann: Completion of $10.9 million Placement and SPP Launch, page-34

Thinking scaled back could mean 2 things.
Scaled back due to insufficient shareholder demand and they don't make the "up to 3 million" described amount.
Or scaled back in terms of excess demand and don't want to be sitting on too much cash for their needs.
I asked chat bot reasons to avoid holding too much cash.
Answer included inflation, dilution, encourage unwanted takeover activity, negative perceived performance to cash ratio, raising costs, regulatory requirements..
Regulatory restricts spp to 30% new shares.
So there may be reasons other than lack of confidence in their pipeline if they do scale back due to excess demand.