Make Hard Easy, page-15

"cash at bank is not super relevant to market cap when you're not generating revenue"

I think it's very important.
First, if LTP did not have the cash to see it through to significant revenues early next year from the US compounding and enough cash to see it through to FDA approval probably late next year, then some traders and investors would be concerned about an inevitable cr and that could not only cap any potential for the sp to rebound but it might also keep the sp moving lower until after any cr. Fortunately for current holders, with around $30mill in the bank, that is not a concern.
In my experience, most company's do not go below cash backing, or if they do, they bounce back fairly quickly, so I think cash backing is very relevant to how low a mc is likely to go. For me, an exception to that rule would be a smaller cash balance that is expected to be burnt through before there are any prospects of generating cash flow. That doesn't look likely to apply with LTP.