$200m (!!) is a high valuation - companies of this size can be difficult to evaluate. With an asset base of $27m, most of that capitalized research on the product, and cash on hand ~$1m representing a runway of 6-7 months, and short term debt of $5m plus accrued but not yet payable dividends on ~$5m, it seems like the company is trying to take advantage of Reg CF because capital was hard to come by elsewhere. This may be due to the close ties with China and recent challenges in business relations between the United States and China.