True, $4M isn’t a lot. To put this in perspective, in 2015 RepliCel reported $2.7 in R&D and $2.3 in General & Admin, a total of over $5M in expenses. $4M isn’t even enough to last RepliCel a full year if they are to opearate at the same level of R&D and overheads in 2017.
As for the alleged breach, it appears that RepliCel’s responsibility with respect to the collaboration is limited to the transfer of technology to Shiseido and their obligation in that respect is considered completed (at least from RepliCel’s persepctive). According to RepliCel, Shiseido is responsible for all further development of the transferred technology.
If I interpret this correctly, Shiseido can develop, commercialize and market in territories with which they have rights whether with or without RepliCel.
The above are purely based on my very limited understanding of the situation. Please do not consider what I post here as accurate. They are strictly my opinions and speculations. When in doubt, please contact RepliCel and other sources directly.
As for Histogen, it is a private company (last I checked); they are not obligated to disclose their financials. I have no way of knowing how sound their finances are.