I think the point your missing is the valuation is actually not...

I think the point your missing is the valuation is actually not that low when you look at market cap - it’s just the share price which is abysmal.
Very simply management have failed to deliver on milestones and spent an enormous amount of shareholder money in doing so. A lot of flip flopping between batteries or medical devices, and lack of urgency,transparency and focus.
The board have presided over a revolving door in management, issuing of an excessive amount free carry capacity including themselves and endless desperate and destructive down price capital raises to pay for complacency, lack of due diligence and poor decisions.
As shareholders we keep the cheerleading going have not held the Board to account for managing our risk capital and voted them back in and voted for their and management free carry shares and options
The valuation to get the share price to a level LTH get a fair return is almost unachievable now. Only New holders stand a chance. Time to either double down or take the capital loss