It was a bit worse than that for us £3.3 million from the crowdsale. The mix of mastercoin and then immediate bitcoin deflation in price hit us with a double whammy. Lucky for us we are pretty good at managing the money we have. No fancy parties or huge wages/bonuses for us. We are on a mission and I think this is key, the fundamentals and vision are key for us and we mean them and live by them. It makes us stronger in many ways, but does mean we have to be ever diligent which is a good thing, but makes the journey a bit harder. I feel it is worth the pain/pressure of managing resources though. It keeps us lean, but sometimes it would be great to have more funds to be able to sub-contract some things and so on, or just go to loads of presentations/talks and conferences. However I think getting the job done is more important, so we limit all of that, probably too much, but we need to work like this. As we say here we work with what we have and work hard.
Updates make it easy for us to validate what we are doing weekly and I wish every project in this field did likewise.