That is almost certainly what’s happening here. They raised $3M three years ago, at the peak of evaluations, and don’t have the metrics to raise a Series A in t

That is almost certainly what’s happening here. They raised $3M three years ago, at the peak of evaluations, and don’t have the metrics to raise a Series A in the current climate. Running out of money and want to leave some artifact behind. A very difficult and emotional transition.