All companies should be valued using DCF. For pre-revenue...

All companies should be valued using DCF. For pre-revenue companies there is a skill in forecasting future revenues, and most people would use a huge discount rate. This is because you need to be doubling, tripling your money for it to be worthwhile.

This company should only ever have had a shareprice >$1 if they were doubling revenues every month, initially, and then every quarter.
They haven't even reached that stage.