My (guesswork) translations.

Warning!!!: this is entirely speculation. If you can't handle that. Please don't read on!

"It is increasingly clear that we must first demonstrate production-ready products before pursuing potential licensing opportunities, since potential licensees require evidence beyond laboratory demonstrations as key proof points of commercialization prior to making any significant investment."

- still interest by other companies, but no one's ponying up NRE until we have a working "production-ready" product.

"Although the path and timelines to achieve full commercialization may have evolved from what was originally envisioned, I am confident that we are better positioned today to achieve our goals and vision."

- general delays all around in getting things out the door, probably due to third party supplier delays

"However, the pricing of any public offering is determined by investor demand in coordination with the investment banks placing the offering,"

-we got screwed by the bankers, oops.

All IMHO, FWIW, etc..etc...