I think Andrew is getting at the company moving for the capital pre Janssen February date was a safety net if it didn't materialise then the company had at least put some bank together. Would of been a much more difficult scenario if Janssen had walked leaving the company trying to move for capital when they no longer had any big pharma partners. They had to raise capital regardless if they wanted to survive to see the February date - if you look at the quarterly it implies they would of finished the year with just $234K if it wasn't for the RI stepping in. They also had to make it very strategic with those CN's issuing at the price they where they really couldn't come online unless put the large RI forward to drown out the price & volume of those notes.
I think the thing with the EET is it's only really been validated as per company presentations at "successfully" meeting a certain end point but they have also supposedly delivered "successfully" on the other three deals that have failed to travel any further with license options slipping away and deals ending.
It will never really be validated until it's done so by an arm outside of the company ie. somebody actually moves to license something / anything.
Small milestone payments are one thing to provide further funding but I wouldn't say they are validation that a technology works or has delivered on any significant outcomes.
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I think Andrew is getting at the company moving for the capital...
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