I don’t think you have compiled a complete list
Post# of 36536
A third option would be that Joe and Team think they are onto something good, but the trail of breadcrumbs they have been leaving has time and time again failed to have any impact.
So they have decided to wait for a true milestone, hopefully IND approval, to give us an update. The thought being that someone outside this investor group will see value in this achievement, and the IPO can be scheduled.
This is, of course, extremely painful for us “loyal shareholders”. But if the IND is, in fact, approved, it will all work out in the end.