Last half FY report they went through $28m of cash in 6 months....

Last half FY report they went through $28m of cash in 6 months. The balance sheet has net assets (cash like after payables and loans) of around $55m. It would appear they will either need to raise more equity (and heavily dilute existing shareholders), or borrow more funds. That assumes they trade the same.
They are caught in a trap that as the share price falls, equity holders get worried of a equity raise and bail only to cause further equity raising issues as the price continues to fall and more investors get nervous and hit the exits. Thats my unqualified take on it.