One thing I noticed, on the Share Structure Profile slide (pg 3), Zenith has doubled their own EV estimate from $250M to $500M.  Although it is their own estimate they must in general feel very positive about how the program is going.  It will be interesting to see how this compares to the next financing's implied valuation.  Based on this someone could imply that the next financing should take place somewhere in the $2.50 to $3 USD range.