Their estimated cash outflow for the July-September quarter is...

Their estimated cash outflow for the July-September quarter is $5 million. They have almost $10 million in the bank, so they are comfortable in capital for the time being.

They can also draw down capital on the existing facility until the end of the year (untouched so far, as they've been able to raise funds at a more lucrative price with the institutions).

I think the market is a bit fed up with the lack of transparency. Expectations were raised and then when things are not going to plan, the company is not very forthright about explaining what and why.

I still think this is good value in the medium term, but shareholder sentiment is poor for the moment. Management need a demonstrable "win" with FD4H or 5H to turn that around.

Either that, or it'll be a lowball takeover bid to make jaded investors wake up.