I think market cap is key here in looking at the lengthy...

I think market cap is key here in looking at the lengthy decline. At around 20c, SAS were a lofty ~350-380m fully diluted.
No significant revenue generation for multiple periods – that kind of number is really unjustified.
Even at 9c – the fully diluted market cap is around $165m. Arguably, still overvalued given no clear path to significant revenue yet (via any material binding contracts).
Amazing what hype can do on the way up. Unfortunately, realisation has been king here over the past 6 months.

SAS’s day in the sun will come eventually I believe.