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Freeder has probably not developed anything especially groundbreaking like an electric plane with jet engines that nobody else does but if finished, it will render all those "propeller dinosaurs" obsolete, much like how combustion jet engines made propeller planes a thing of the past.. So far they moved the manned flight from 2024 to early 2025. You may Remember how Tesla and SpaceX adjusted their timelines multiple times. It's clear that these things take time and we should not get our panties all twisted because some deadline was moved. They are on track, they reduced the financial bleeding from 386 million to 86 million and they have fundraised over 100 million, they are waiting for 100 million more pending Bavaria (what they have) and the German government (what they will have) confirmation. Every month the the Battery developers come out with more Wh per kg solutions, and nobody knows how far will be Solid State Batteries in one and half years when Lilium Jet will hopefully go into production. I suspect the real problem with the delay is that the InoBat batteries that Lilium plans to use are still in the process of certification. Lilium has started producing high-performance battery packs and is conducting verification testing to meet the necessary safety and certification requirements I wouldn't be surprised if they still manage to pull off their first manned flight by very late 2024. It is not that Lilium Jet has been on the ground all the time, it has done several unmanned flights so far.

The condition for this guarantee from the German government and Bavaria was full KfW Due Diligence, which also included the technical part. Since the guarantee was granted from Bavaria we can assume that DD was satisfactory.

This is as good as it can bes for this stage of development. 
https://www.welt.de/regionales/bayern/article253444528/Lilium-soll-Staatsbuergschaft-fuer-100-Millionen-Euro-erhalten.html

Atomico, a London-based venture firm that has backed fintech darlings Stripe Inc. and Klarna Bank AB, has raised $1.24 billion for two new funds. Atomico owns 6.9% of the $LILM. https://www.bloomberg.com/news/articles/2024-09-08/klarna-stripe-backer-atomico-raises-1-24-billion-for-european-startups