Getting a 'cide all the way through tox (or even starting tox with enough of the 'cide to be able to complete it) would push up the stock price. Maybe all the way to $2. After all, that's a milestone NNVC has never reached, despite years of leading us to believe it was right around the corner.
With a $2 stock price a PIPE might be possible. It would be on pretty unpleasant terms, but at least NNVC might be able to raise enough cash to get to phase I.