Very informative like all your posts. So basically, they are going to make a soft wool like fiber with a nice sheen of unknown strength and toughness, and unknown cost.
I have to wonder how they are getting so much money from private investors. Certainly, those people are not stupid. I can't believe they are investing with the knowledge that the company might fail and switch to a whole now business model of making proteins for pharmaceutical companies.
I have no idea about finance at that level. Maybe they figure the tax write off will be worth it. Hell, it may be a good way to launder cash.