The last 3 days's trading was really scary to many retail...

The last 3 days's trading was really scary to many retail holders: 50% drop leading by Orbis selling triggered some stop-loss, hence exacerbated the share price crash.

However several facts need to point out:

There were only over 10m shares traded in 3 days;
No major share holders such as BVF were selling:
BI's decision is no doubt a blow to the company, but no impact on the cash flow (even though BI go for 2B, payment still years away);
The drug still has DR indication to go.

In regards to the IP, as Gary pointed out: BI fully own the drug until they either drops DR as well, or make no further try on any indications, at that stage BI has to return the drug to PXS in full with all the works/data they have obtained from NASH (or DR), which means PXS will again has the full control of the drug.
Considering the 2a is technically passed except the interaction, (it already achieved both Primary and secondary point and tolerance), PXS may well has the chance to bring the drug to other interested partners in the future, maybe the new partner can do some tricks on the label change to specialist subscription for targeted patients. PXS will soon has the data from BI and know what exactly it interacts with.

The drug is not all dead, LOXL2 negotiation goes on and I believe the team is under pressure to seriously look into any reasonable offers on the table, couldn't rule out the chance of announcement/TH anytime from now on.

50% drop is not justified from fundamental valuation of company's asset and pipeline, IMO only.