To be honest I think it's combination of liquivade being owned by another company, kinda like buying a blend from another company which from what I gather isn't cheap, making the liquid caps is pretty expensive vs regular caps, because of the volume and number of caps they're far more expensive to ship vs 20mg a capsule PH's, High amounts of compound because of the number of conversions and then probably not at a huge volume of production because the market for product at that price range isn't huge and you need alot of capital up front.
Having to reformulate so soon didn't help, they should have tested more. In theory, if they got it spot on the first time, they would have had a great hit product, people would buy more, they could up their volume of production and get a lower price point longterm.
Right now it looks like they're trying to invest in the future, in DHEA which should be well protect while staying as a capsule so easily to claim they're making dietary supplements. Hopefully as they invest back into it, the andro series will get cheaper