The problem is that for a biotech company, $ 22.5M raised (Stemsons number) means you are severely underfunded.
I’ve sad it before, It took BILLIONS before, for instance, Moderna was able to bring something to the market.
Let’s face it, by the energy Geoff is showing during his presentation, Stemsin is probably taking a beating in the pigs research and their hairs probably currently look like pubes at best. The size of the problem they are trying to solve is gigantic and they needed a team at least 5-10 bigger to make it for a fair game.