Normally you'd find about a quarter of companies, 25%, would have a year of cash on hand. That's a pretty normal operating environment to go through in an emerging stage, and they're always looking for that next round of financing. The difference here is not only do we have way more that are in those dire straits but the hope of actually raising new capital is much diminished. There isn't a typical market to go for.
On May 14th, 2009. See this statement in context.