Mo, sorry, I partially disagree. And a good analysis, Phil.
There are hundreds of pre-revenue (e.g. pharma) companies in the market selling their IP and future revenues with big success. But, you are also patially right. Only selling the idea - without proofs - is a dangerous way, sooner or later the market wants to see the proof... The "preferred strategy" should be to promore the IP, but also the milestones as well as - s...n - the proofs, here the prototypes.
What went wrong in my eyes: Poet missed / resheduled / abandoned some milestones and now set their new milestone, the optical engine, way too high (full fledged mass produced prototype integrating VCSEL, logic and detector).
They did a great job, but still the VCSEL is missing, and therefore the market is disapponted. Doubt about all the POET concept! Which is one reason why we are at this low SP. But we were told that it is just about when, not if.
I would love to receive more detaills about the detector and the not-photonic part of the mass produced structures. They should "sell" their success instead of silence, or just talking about problems. I hope the new IR will start this promo, also small steps will move us forward, clear communicated NR, also about such nice patents.