The company doesn’t have a huge quarterly spend (mostly because...

The company doesn’t have a huge quarterly spend (mostly because it doesn’t actually seem to be doing anything apart from serving as a piggy bank to pay out generous salaries)

Having said that, a CR will presumably be needed CY18 H2 and I simply cant imagine where they hope to source the funds... Surely nobody would participate in any sort of raise regardless of terms?

I suspect there’s not much blood left to squeeze out of this stone. When the existing bucket of cash runs dry it might be time to shut up shop and metamorphosize into a new operation?