Pros
Good opportunity for advancement simply because of vacancies left by the number of people leaving. The company is not likely to fail. There is very little competition in the niche market. Their only competitor was on the verge of going under. However, Model N failed to deliver the knock out punch. Now there is chance the competitor may come back. Look to the management for the failed opportunity and simply poor execution. Executives are open about the problems facing the company. The transparency should be applauded. They just went through a round of laid offs to trim out some fat.
Cons
Very high employee turnover. You are lucky if you get to work with a person for over a year. Management is misguided on the product. Trying to put out too many releases stuffed with too many features. Everyone on the already thin engineering team is rushed. The only possible result is poor quality software. The development process is a complete train wrack. Multiple staggered releases. Everything must be rushed. Management fails to recognize the process is wrong. Company is forced to start an office in Indian because everyone in US is leaving. They use an potential IPO as bait to attract new hires but failed to mention they already had one failed attempt at IPO.