The work is never done - the company simply cannot stop working...

The work is never done - the company simply cannot stop working until they actually are acquired. However, the path forward is relatively straightforward. They need to demonstrate flexibility, upscalability, downscalability, and diverse application of their technology. They will develop new patents along the way and may find some better processes, and this will continue until it is attractive enough to buy. Purchasers are going to wait until as much work as possible is done on someone else's dime but not so long that someone else can come along and buy it.

If we were in a lower interest-rate environment, I think that line would come sooner, but right now people are going to be scared to make a substantial purchase, everything needs to be absolutely maximally de-risked. Missing out on the opportunity is the one risk everyone is willing to take at the moment.