This chart wouldn't look like these without seasonal cash raises by equity dilution.
In covid crash as I remember, market cap was 18m US$ and now is 63m US$ and share price is below covid lows.
Buying at those levels mean you are buying on past shareholders corpses which were constantly diluted.
I hope I have helped.

Insiders are still holding I don't see any big moves (I know they are delayed). Wayne have 600k $ in PEN's shares.