I disagree. There is some talk from some researchers that the inductivity problem may be almost licked and once the inductivity problem is solved that could be the ballgame. A few researchers claim they've made progress on the inductivity problem for their treatments. I don't know if that means they've partially solved the problem or completely solved the problem, but IMO the next hair loss congress could reveal some big news.
And remember, Stemson's tech involves iPS cells, and iPS cells don't require a solution to the inductivity problem, which means that at least one research group, Stemson, has found a way past the inductivity problem. We're inching closer.