"The company does not have the cash to see it through to a...

"The company does not have the cash to see it through to a cashflow positive state so funding has to come from somewhere. That is a major source of uncertainty."

Agreed, but there isn't any reason to conclude that the cash has to come from a new stock issue. I think it is far more likely to be earnings form operations that provides the needed cash flow: profits and royalties on ongoing commercial activity plus royalties and payments from other deals in the making but not yet announced.

Let's put it this way: If this company can get to this stage of development and fail to nail down deals with cash up front over the next 6 to 12 months, then something is very, VERY wrong with the business plan.