Their current CEO was brought in to sell the company to private equity like he did with New Relic in his last job. Unfortunately for him, private equity is being selective in which SaaS companies they acquire right now with interest rates spiking and uncertainty over the future of SaaS as AI becomes more capable. Acquisition by an AI lab was probably their next best hope, but the labs seem to all be rolling their own developer platform instead. Maybe Bending Spoons will make a move if the stock revisits its lows.