"2. My guess is that the ridiculously low SP is due to a combination of epigenetics being a new field to investors, a track record of painfully slow progress, serial over-optimistic forecasts by Don, poor management, and very poor PR. Have I missed anything else?"

There's the decision to NOT list on a U.S. exchange as announced and planned (where all the money is), otherwise, in my view, you pretty much nailed it.