It's still just in preclinical. The company is raising enough money to get it through to phase 2, assuming it works of course. But this is a looong long way out and statistically from preclinical - well, most drugs don't make it.
Don't get me wrong, I'm glad they're starting. There's got to keep being new drugs starting the pipeline for new drugs to eventually be approved. But this is like 12-15 years out and it hasn't even had a human trial yet as far as I can tell, so let's not get too excited.