I wouldn't necessarily conclude that they only have one year's worth of runway. Many companies state that they are funded for the next 12 months. It can be pr

I wouldn't necessarily conclude that they only have one year's worth of runway. Many companies state that they are funded for the next 12 months. It can be pretty boilerplate. See comparison of Blue Apron vs. Apple below. Blue Apron (1): We believe that our existing cash and cash equivalents, together with cash generated from operations and available borrowing capacity under our revolving credit facility, will be sufficient to meet our anticipated cash needs for at least the next 12 months. Apple (2): The Company believes its existing balances of cash, cash equivalents and marketable securities will be sufficient to satisfy its working capital needs, capital asset purchases, outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months. (1) https://www.sec.gov/Archives/edgar/data/1701114/000104746917004316/a2232581z424b4.htm https://www.sec.gov/Archives/edgar/data/1701114/000104746917... (2) https://www.sec.gov/Archives/edgar/data/320193/000162828016020309/a201610-k9242016.htm#s312F59D5215853C98A92CF2CB1813E50 https://www.sec.gov/Archives/edgar/data/320193/0001628280160...