On your first point: tweeking the epitax:

We don't even know that for sure. Can they get the VCSEL to lase at all?

On your second point: You do not want a VCSEL transceiver announced without attendant NRE and/or at least one, preferably more, big backers in the form of customers.

It would be a great comfort and encouragment, and a plus to the share price if we knew the VCSEL works. Shareholders could then make their own speculation as to what sorts of commercial deals may follow.