My opinion (can be totally wrong) about the current situation of Follica:
I think they are in a very particular situation. They have something that works but it is not a very profitable product because every average Joe can buy cheap old minoxidil and a dermaroller or dermastamp and have similar results. So very few people will be willing to spend thousands of dollars for in office sessions and the fancy at home device.
This is why they are investing good money doing preclinical testing for a compound that not only enhace their protocol but also something to cash in. Something that can substantially differenciate them from the cheaper option in the long run.
The more I think about the more Im convinced they will only start pivotal when they finish preclinical for this drug.
The good news is my speculation can be a total nonsense because Follica going phase 3 this year was mentioned again on their podcast (march 6) as one of the upcoming events of Puretech affiliates.