Hi Tom ...
I'm sure Drag will pitch-in ... but in a nutshell "steady as she goes". RE have secured c. £60M funding from UKG for the next stage of development. On the technical front two points of note ... (1) in test the pre-cooler is producing the thrust gains predicted and (2) they seem comfortable that they can achieve the desired quality and consistency of manufacture with the cooler micro tubing structure on the front end. It is also clear that they have cracked the Frost Clog in the cooler ... but clearly not in their commercial interest to discuss too much on how they cracked that particular challenge.
What I did find interesting is they way in which the fuselage is more like an "airship" structure rather than a true airframe
Still more work to be done in terms of vehicle control and automation ground/onboard (as there will be no aircrew) ... this was the basis of my question to Richard.
Hope this helps ...
Best ...
Coff.