$IRNT - Can anyone make me a bear case? medium term hold 1-2 years

This isn’t to keep bringing back old tickers, this is because I’m curious in the company as I work as an ops engineer so I work with vulnerability data on a daily basis (mainly from Qualys and Rapid7) and something like what Ironnet is creating sounds like it could save a lot of headaches, but I don’t have any personal experience with them specifically. I do find the AWS endorsement of them to be interesting though.

Looking at the company fundamentals currently it seems like the stock is undervalued. The stock is currently trading closing to $11 but the real value of the company according to macroaxis is $14.28 (I’m not entirely sure how they arrive at this value or how credible Macroaxis is).

That said I think there is significant risk here. The company is spending more than it is earning and it currently only has roughly $15M left of runway per the last quarterly report. When that runs out I don’t know what the options are but I’m guessing one of the options is to dilute shares. Unless they suddenly onboard a lot more customers they probably won’t have any profits for at least another year or 2 and it will likely be a turbulent period.

I am bullish on the sector as a whole as companies are starting to invest massive amounts of money into security. However I don’t know enough about new companies that have yet to be profitable and what kind of things to expect within the next few years of turbulence.