Had a look through some of the annual reports for ADR

Main concern was the revenue drop from around $2m down to around 500K YTD.

Also they did not provide a clear update on producing their Hailie sensor for AstraZeneca’s Symbicort and when it will be ready

They raised $18m cash in March 2021 to see them through to earning revenue for their new sensors.

However, they only have 3 quarters of cash remaining. Think the lack of guidance on product developments and when revenue will come in and the potential to raise more money is why the share price is down.

Not good in this sort of high interest rate environment.

Not held (but was a holder)