Hi dig,
I agree.
I think that a sensible analysis of Wave as a stock involves competition between two key forces: first, worries about insolvency; second, excitement about the opportunity.
The cash flow is one function of Wave's progress by which you can see how this competition is working out in black and red. When the cash position is weak, people worry. When the treasury is full, investors dream their megadreams.
Of course, it isn't always cause and effect. The cash in 2000 was raised as an effect of the price running up, rather than vice versa. The reason for that had less to do with Wave than the crazy marketplace.
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