Pacific Channel releases updated internal analysis of LCT 10/09/2019, page-7

Things really hang by a few threads.

One by one the supports have been knocked away from the company with Diabecell sold to Otsuka, the promised new Diabecell human trial hasn't materialised (yet), the phase 2b trial for NTcell was too small and unblinded too early and even the later results were not convincing enough for Medsafe to allow even limited commercial sales. Now we are left with the hope that Barry Snow, Carolyn Sue and Bob Elliott and Co have enough "street cred" to find an overseas investigator to take on a long and expensive phase 3 trial and find a potential partner willing to put up maybe USD30m or more over 5 years ...
and if not then hoping one of the other collaborative treatments can be a winner.

It'd be hard for things to get worse for investors. They can only get better from here I suppose.