It's here, page-16

To be honest with you, I don't think that the market as a whole has any major distrust with management.

Glad you are being honest, but seriously, the share price is where it is on what really is steady progress, because the market does have a major mistrust of management. To say they have gone by the book, well the placement where they issued 3 times the number of shares they announced they would is one of the worst instances of misleading investors I have ever seen. They haven't yet been forgiven. Keep producing results and they will eventually. Can't wait for the options to expire so the share price can start moving on it's own merits.