I'd be tempted to take it back further than BoM.  If they'd attracted more of the investment community before then, they might have had the monetary resources to do a full-power BoM instead of the bargain-basement option they were left with.  They also might have had the resources to do that analysis (I forget the exact name of it) part way through BoM that might have steered that exercise in a more definitive direction.  They took the company public because they needed the money to fulfill their plans.  Nothing has changed in that regard.  If you're not going to exploit the stock market for what it can do for you to the same extent that you hope to exploit your molecules, science and labs, you're only doing half the job.  In fact less than half the job because now you don't have the money to do what you want and you're potentially a sitting duck for sharks.