As you point out, there is no way to raise money on reasonable terms.
The CEO is installed for window dressing only so that there can be an appearance of arms-length dealing when NNVC's assets are sold to TheraCor. There is no other realistic role.
The guy needs a job. After the last failure that's not easy so NNVC offers him money and a place to hang his hat until they shut off the lights. This is a very old script.
There will be no more money raises. That ship sailed at least a year ago.