Bull case in one paragraph and a few thoughts.
Very strong product potential which saves time/cost for hospitals, and hugely benefits the recovery of the consumer (if we trust the company).
Lets assume the only market they have products in is Skin regeneration (they are entering bone etc). They have a total addressable market of 3.847mn at the higher end of their estimates (200-360K VLUs, 1-2.5mm DFUs, 515K pressure ulcers etc...).
If you assume they price SkinTE at $1,000 (roughly stated by the company, I forget the exact figure) they can earn (revenue):
$38mn annual if they reach 1% of target market
$193mn annual if they reach in 5%
$384mn at 10%.
Apply a fairly standard valuation multiple for pharma (e.g. look at Abbvie 5x sales) and then:
$38mn revenue => $200m market cap (2.5x returns)
$193mn revenue => $960mn market cap (13.5x returns)
$384mn revenue => $1920mn market cap (27x returns).
Summary: if just one of their products / markets is successful, this company can potentially earn somewhere between 2.5x - 27x your investment. They have multiple products. If you told me 10 years you made 100x your money I wouldn't be surprised.
Strategy: invest small amount of portfolio that you need never look at again. Small enough that if you lose it all due to potential delisting in June it was still worth the risk. Large enough that if we do see 25x upside, if significantly improves your finances.
The trials we have seen success in have been 10/11 people, they are currently enrolling for trials of 100 people.
Main risks that I see at first glance: (1) delisting potential - see the SEC filing due to to lower a share price for NASDAQ; this is offset by potetnail for 180 days extension after the summer and their already low valuation; (2) difficulty bringing product to market; (3) dodgy corporate governence which come with penny stock territory; (4) very inefficiently run company - see comments by top shareholder on restructuring costs; (5) further capital raising; (6) competition and technology risk.
