Ann: Revenue Guidance Update and CEO Appointment, page-100

"The cash is real and the business is a start up and ramping up."

Sure the cash is real... but not because it was organically generated; rather because it was raised in capital markets.

But what is more real is the spectacular erosion of the value of the cash. They've raised $60m; they have less than half of that left.

And, based on the current rate of capital consumption, at some stage the company will need to raise more cash from capital markets. Maybe not imminently, but at some stage.
(Unless something changes the current situation. Problem is, I'm not smart enough to predict what the something might be.)


"Maybe investment grade one day."

Maybe it will indeed be investment grade one day.
And that's when it will be able to be valued, thereby allowing an informed investment decision to be made, as opposed to mere speculation about what could/should/might be.


"It has an ethical and sustainable product offering in the market."

Which is nice, except that it loses money from that ethical and sustainable product offering. To me, a for-profit enterprise losing money is not a sustainable situation.