Intriguing analysis.Share price is an indicator of future value...

Intriguing analysis.
Share price is an indicator of future value as seen in multiples across the sector.
The question is - How do you create a $50M early stage business?
According to your CEO, it is by starting with a $150M Market Cap Business 2 years ago.

Time, opportunity, speed and value can't be wasted in this technology sector and similar to early stage Tech/AI/pharma.
The founder of a US business, similar to your battery cell technology, recently shared that it takes 5 to 7 years from that initial cold call to a sale. So if your business is rotating through new collaborators/EVx's every year then they are starting the clock each time. Your life sciences experience should have taught the Exec's/Board that.

Aussie businesses have a credibility and tyranny of distance challenge in the battery materials (tech/pharma) value chain.

We have used your company as a case study with similar businesses in SA, Qld and elsewhere in NSW on what not to do.
It helps dial down the hype and bring reality to the job for new CEO's and CTO's
Our main message to peers:

• "Hoping" isn't a strategy.
• A Clear and Compelling Value Proposition sells itself
• Speed - there is a half life on value
• Unique technology is not the end game. It is a "start"
• Relentless strategy execution and accountability by Leadership Team and board