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Sales pays the bills, not engineering. I too have seen the very situation you describe: staff PhD'd to hell, a year into the cash, and nothing to show for it. PhDs tend to be academics, and many times their end drive is satisfaction of intellectual curiosity. In spite of that it's up to the CEO to move the organization in a direction that will result in product going out the door for revenue ASAP.
If the BOD does not make a move in the next month or two to replace the CEO with one that knows how to run things, do your job professionally, but refresh your resume and go shopping for another job. Do this quietly and when you get an offer, just leave quietly and honestly. IOW, tell them why you are leaving, take nothing of theirs with you, etc.