Down 53% in a year! What went wrong for BrainChip shares?

BrainChip Holdings Ltd (ASX: BRN) shares have had a rough time these past 12 months.

Whilst the S&P/ASX 200 Index (ASX: XJO) has climbed nearly 8% in that time – even after its recent sell-off – BrainChip shares are down 53%.

They now trade at 17.8 cents apiece…