For me it's: they have developed a potentially great and marketable technology; they did it with a relatively small workforce and paltry working capital; it takes way longer than a lay person thinks to coordinate the tech with the needs of the industry; the target is moving; and they will consider every way possible to raise money to get to the point of meaningful sales. 

I think all of the above is easily discernible from their many press releases and conferences. 

Why virtually no one other than Agoracomers is interested in owning the stock is a conundrum.