Most likely NRE for VCSEL. Detector results 3 weeks ago were crazy good (20x) current responsivity. If VCSEL results are half as good it's still an order of magnitude and disruptive. I suggest reading their 2/16/16 cc transcript.
I don't want to peeve your mods, I will check in on the poetf board for any future questions. I will say that I firmly believe that whatever it reopens at will be a fraction of its value in 12 months.