You make it sound like the company is flush with cash. IRX spent...

You make it sound like the company is flush with cash. IRX spent $925k last quarter and they were balances at the end of June. Tomorrow is the last day of this quarter. If the spend is remotely similar there is basically ZERO dollars left.

Anyone who has any financial acumen surely can work this out.

Management should never let a company get this low on funding, absolutely never, it's called "being backed into a corner". It demonstrates a complete lack of corporate nous IMO or there is just no demand for a raise.