That 2015 estimate by Irina at Cantor would equate to a ~$22M loss on, presumably, 47M f.d. shares. Irina was probably assuming that amount of loss would be the cashburn runrate, minus Vitaros royalties but plus a big price for taking Femprox thru trials and into launch, WITHOUT A PARTNER.
Yet APRI mgmt is clear that they will get partners for Femprox.
Irina likely won't change her financial scenario for 2015 until such partnership(s) have been inked and announced.