"...in a very recent exchange with Tom he conceded that things were moving slow with the LSS and that he needed to push the lab guys a bit."
Doesn't sound like they're "just now getting their act together" as you assert.
The facts: History of failure. No meaningful progress. No appreciable insider buying. No appreciable revenue, with poor outlook. Significant dilution, with more coming. CEO with no experience running a public company. COO without even a college degree. CEO/COO work from their homes 1500 miles away. A BOD that does not hold management accountable.