Ann: Quarterly Activities Report, page-3

I understand your point, and half-agree, but what do you think the reaction would have been if at any time in the last 6-9mths they announced they were mothballing the project and cutting overheads by 90% to preserve cash while waiting for funding?

Right now we've got a story to tell and tangible progress being made. There's a sense of positive urgency being sold (as opposed to we're about to run out of funds urgency). 

Do not go gentle into that good night...