Dr Lebby is an EXPERT communicator, so I disagree on your 3rd point:
3. that it is capable of clearly and professionally communicating with markets
They are quite capable. Dr Lebby's a communicator! That's what he does - with industry roadmaps, articles, conference presentations, 'expert testimony', etc..
BUT he doesn't do that with shareholders at all. It isn't an oversight or carelessness. He carefully words things to keep shareholders on the hook.
"2025". Might as well say "2026". They are 18 months behind their goal for a technology transfer agreement by June '23. It may be 'hard to predict' but it's NOT hard for Dr Lebby to communicate with us. He chooses not to.