Yes, there are the typical sell- and buy- side ana

Yes, there are the typical sell- and buy- side analysts. And I could understand how they might be sitting on the sidelines before recommending or initiating a position.

However, a VC or PE fund would be in a totally different position. If they decided to jump in, they would essentially be removing the financing issue from the table. The stock price would immediately start to gap up to a reasonable valuation. And if management misjudged the amount of capital necessary to get to the next major milestone, the VC/PE would be sitting there ready to put in more capital and take a larger percentage of the company. It is a win big, or win bigger situation for a firm with deep pockets and the commitment to see it through. But there must be some reason they haven't jumped in.

The only explanations I can come up with are:
1) they don't believe the science (which seems unlikely);
2) they don't believe in management (which seems likely);
3) they haven't heard of CYDY (which seems unlikely);
4) they don't like the structure of the CAP Table (which is likely, but not a deal killer);
5) CYDY hasn't reached out or courted them (likely);
6) CYDY keeps thinking for the past 2 years that "any day now, we won't need significant capital any more and can raise at higher prices" and thus haven't seriously entertained this source of funding;
7) CYDY hasn't been willing to offer the Board seats that are required for this type of investment;
The VC/PE demanded a new CEO and/or CFO and CYDY wasn't willing to do this (most likely in my estimation);
9) they were not confident in the timeline and budget to get to a major milestone (e.g. BLA submitted for COMBO); or
10) they don't believe in the market for COMBO and the other indications are too far out right now.
?????

The ironic thing is that now, it is very possible that CYDY does NOT need the deep pockets any more, as long as the licensing deal gets done. So, perhaps, the window of opportunity has closed. Too bad CYDY didn't do this 2 years ago, however. It would have saved us all a LOT of dilution and we would be reasonably valued right now.