Hey guys I don't think Replicel is necessarily a bust. I think it may be great, but many things have to go well for Replicel to succeed. It begins with culturing the cells without losing their actual genetic signature expression. Now look at this picture and read the right part specifically;
As everybody knows it is important to actually make a difference between a healthy hair follicle that is not affected by Androgenetic Alopecia and a hair follicle that is affected by Androgenetic Alopecia.
The dermal papilla (DP) is thought to be the master regulator niche of the hair follicle. DP size is correlated with hair follicle size. The smaller the DP, the smaller the hair follicle gets. This observation is also made in Androgenetic Alopecia (the dermal papilla niche gets smaller as you can read left in the picture).
In a healthy hair follicle cycle in telogen (resting phase), the DP moves downwards and forms a tight ball and apparently reduces in size. Now it is hypothesized that when the hair goes in an active state of growing hair again the DP recruits some cells from outside the DP niche. This may be from the dermal sheath cup, but it's not really determined yet. Apparently Replicel has data that says that DSC are attracted into hair follicles, I don't know how to interpret that and whether that was shown in humans or animal models though. Maybe someone else can.
The thing is with the recruitment that the DP recruits some cells to "replenish" itself, but enough "old" DP cells still stay in the niche. When this phase of recruitment is over the hair follicle goes in anagen again for 2+ years before it will enter catagen again followed by telogen.
This time "period" would concern me, as in frequency of injections to catch hair follicles at the right time period and subsequently you might not replace enough DP cells. There might be workarounds for this though.
Now in a miniaturized hair follicle things are a bit different than in a healthy hair follicle as one can imagine. We'll just have to wait and see I guess. This is very raw speculation, but everything has to be spot on I guess, and that's not easy at all.