@Magneto thanks for that, it's sobering to be reminded of those numbers. Management certainly incinerated plenty of cash, basically on overly optimistic international expansion plans. Plenty of other companies have done the same I suppose (most recently GYG, but also Bunnings, Reece, many others)

Amazing really that people were happy to give them money at such high valuations, with no profits and little more than a promising product and a good story.

The price/sales ratio over time gives a good illustration of how market sentiment has evolved over time (note you can't really use any profitability ratios, because there have never been any real profits):

I would argue that we've gone from priced as though massive, rapid success was a near-certainty, to priced for likely complete failure. One extreme to the other, both wrong.

Getting back on-topic, the most important thing to note going forward, is that further cap raises are very unlikely to be necessary. MVP currently hold over $18 million cash and have been (weakly) cashflow positive in recent quarters. Sales continue to grow consistently (as they have for the past decade). Management have started behaving sensibly.

There is a huge growth runway in Europe, Canada and other markets in which penthrox is already launched. Management just need to continue letting it play out