Really glad to hear you got out. Yes, they have some cash, probably due to the stock sale, but with $2 in cash and burning through $2 in losses, that does not leave a lot of room. I still think it is a good idea, but in order to make it you need to make a little money in the process or it is just a matter of time before you are out of business.
I was able to get out at about $7.10 when it came up briefly. Didn't turn out too badly, though not the profitable trade that I like to have.
I've done a lot of research on the product and technology, and it does seem to have a lot going for it. $2.5 per share cash in the bank is not too shabby either.
The competition factor is the big question mark here. It seems like the results that one gets from coolsculpting compares to liposonix, however, liposonix requires much more work on the part of the doctor or technician than coolsculpting. Liposonix also sounds more painful and risk prone. Fat cells are more succeptible to cold than other cells, however the liposonix technology relies on high frequency high intensity ultrasound, which needs to be at the right level so as not to damage skin or other tissue. It is just more involved.
After the lockup periods ends, that is another question - will there be a wave of selling, or will the original vc's want to try to lift the stock before unloading? I guess that depends on their original cost. If their cost was *free* shares, then expect a lot of selling without regard for the current price.