For at least the past 5 years all we've ever heard was "2 more years." At some point the investment community has to call bull$hit on these guys. The goalposts keep getting moved, which makes this endeavor more expensive, which causes more dilution. It's never-ending.
In the prospectus with this raise the company said if they got the full $20m(they got 19.1) they would have enough cash to continue operations for 10 months. So I'd say May/June. Which means if they don't get any warrant money we're looking at another raise I'd say by early 2019. Design freeze is scheduled for August 2019. FDA by EOY 2019