The way I see it., page-29

So the company is potentially two months off sales starting (the grail for biotechs) and the share price is stuck low 40cs approx half of its level after listing. This means the market is pricing a significant chance that company wont achieve CE or just another other looked small cap ($105M at .41c).

Or maybe long term shareholders have been mentally scarred by all the delays and misadventures and look to exit or sell down as SP rises.