Where would we be without the cap raises though? do you suggest...

Where would we be without the cap raises though? do you suggest shelve our products after phase 1 because we can't afford phase 2? or should they have hit up retail for the $100m or so?
2022 was a lot bigger than 2021 fundamentally, I don't recall LC stating that the SP would double or triple, but if that how you interpreted it, that's your fault.
It is all directly aligned with the IMU. IMU is a speculative biotech with no profit, and a heavy cash burn rate (nature of the beast). on the risk scale it is quite high, once macro economic factors start eventuating such as war, risk of nuclear war, impending inflation due to govt. hand outs and printing of trillions of dollars, insto's, sophs and some retail start pulling out of their riskier stocks and move into traditional safe havens such as gold and the like.
Many people saw this global downturn coming a year ago, it was inevitable really, which makes it even more amazing that the BOD were able to secure such a large placement.