I think you have hit the nail on the head with those risks.TIS...

I think you have hit the nail on the head with those risks.
TIS has had delays before. Changed regulatory processes, production contamination and government approval delays.
Plus regular dilution issues, though less than most and now they reckon they can manage with the cash they have.
The risks mean valueing it even at 10% of what is might be is still an optimistic call. But that means the upside is still huge if things work out.