IMO it seems that the passage of time has proven there is no...

IMO it seems that the passage of time has proven there is no viable business here. While they have some revenue and traction, growth is almost non-existent and they've well and truly had enough time to work out how to get product market fit and scale the business. The fact this hasn't happened after so long says the product just isn't solving a genuine market problem in a compelling way.

Being a listed concern brings with it a not-insignificant level of costs for an early stage business. Given there is no growth, the cumulative cash impact of those ASX related costs each year will cause a significant erosion of shareholder value. In short, they need to raise capital and dilute holders just to pay for the luxury of being listed (and pay a broker ~6% for the raising), and that's before a single dollar gets invested in to the actual business/platform.

It seems that management (Ruwan) need to make the tough decision and either take this private if they truly believe that a transformation is possible, or shut it down. The reality is most startups never achieve any meaningful level of success, and sometimes it's in the best interest of all concerned (SH's and management) to just bite the bullet and move on. RXH is probably in the most deceiving position of all, which is that is has revenue and customer traction, but at a low level and with zero growth after years of trying. That can be enough to give the very tempting allure of hope in the future, but history would suggest it will more likely than not to amount to nothing. It's a sad reality but that's the startup journey and how I read the play here.