How so? Their projected burn rate (currently $4+ million/Q) which has also been their 'norm' for several years now, gives them approx 18 months cash. They are apparently confident enough of their odds of garnering significant revenue sooner rather than later as evidenced by their tapping of the ATM for only 163K shares @ $15.19 earlier this year for a measly (relatively speaking) $2.4 million. If cash was truly a concern, and they didn't expect revenue to come aboard for an extended time, they would've hit that ATM harder for more- and it would've been easy and a perfect opportunity, seeing that the SP was in the teens.
No, I don't think 'cash' is a concern at this time. I'm more inclined to think that their head-hunting/hiring of high tech personnel is the major hurdle they face given that it certainly sounds like they have several irons in the fire- working in many and increasing more projects/opportunities. Getting ST to sign that formal process qualification is the next goal imo- which Frank stated in the EC- they expect THAT to "be the next major milestone" revenue producer). And given that they only tapped the ATM for 163K shares tells me that they seem to be fairly confident of the eventual outcome of that expectation.
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