Yeah, ~10 employees in SF + office rent + other various costs (lawyers, accountants, the odd office party, etc.) will easily burn through $4M a year.
Edit: oh wait, that's $8M in October 2016, not 2015 - ie 8 months ago. Burning $1M a month does seem quite high. Maybe they're shutting down early to give some money back to investors?
Edit: oh wait, that's $8M in October 2016, not 2015 - ie 8 months ago. Burning $1M a month does seem quite high. Maybe they're shutting down early to give some money back to investors?