Hell, they took an additional $3.75M new AP to Cognate 2 days ago. So they netted a bit over $1M this week. They are still running on fumes even with the new cash.
And that does not count the totally unknown liability they took on by assuming Adar Bays loan from Cognate.
The "it's so small they must have good news soon" argument has been used here on the last 6 financings.