There are very few instances when "lack of funding" is not a root cause/symptom/result - it's the most common hard stop anyway. When they openly state that they

There are very few instances when "lack of funding" is not a root cause/symptom/result - it's the most common hard stop anyway. When they openly state that they could not raise money, it's okay to take it at face value. The macro environment is not lending itself well to organizations that are not profitable or have a lot of cash on hand (for non-profits). With the overall trend in layoffs in tech combined with the difficulty in hiring - I can 100% see this being a major problem to their overall numbers leading to hard truths about fundraising.