I expect that when a company needs to go back to the market for...

I know. Read my words. I'd be happy to give him credit if he sold something after Phase II and someone else took it to Phase III, but not even that's happened.

I expect that when a company needs to go back to the market for additional capital that it has made sufficient progress to raise the new capital at a higher price than the previous round. That's exactly what Hopper managed for himself when CHM was floated. That's not something that's going to happen for retail investors who were unfortunate enough to participate in the IPO. A significant portion of their funds have been paid to Hopper and his management team, and now they're faced with the prospect of the company running out of cash altogether, or at a minimum a huge dilution. But never mind, Hopper and the management team will retain and / or increase their remuneration throughout the process.