We did not use the word "scam", but the company's long history of claiming progress with no actual progress made was worrisome to us. Our view was they were finally running "put up or shut up" trials that would provide an answer to whether they had something or were simply experts at separating shareholders from their money to continue collecting a salary.
The company was being called a scam in the sense of how they mislead investors in order to dilute and collect large salaries for years on end, not because they falsify data. The data is actually very clear, its the rest that makes it a scam.