Can't see it. According to what you've posted that makes everything about the company a mirage. It might be in the desert but you can touch it, see it and at some point in the future come to profit by it. No death spirals here IMO.
That type of elaborate scheme doesn't require the buildout of a lab, staffing it with trained personnel at decent salaries, hiring two highly decorated medical doctors and having deep connections to multi-million dollar insurance companies and state ran agencies.