The notion, whereby suggesting that the cash is an asset which...

The notion, whereby suggesting that the cash is an asset which should be used to value the company is correct. However “price” is a forward looking phenomenon, and I believe the market thinks that the new phase 3 clinical trial design will decimate the remaining cash, (possibly bigger trial, extending the length of the trial, operating costs whilst waiting during the additional wait time), therefore to the knowledgeable investor, the theory that the market cap should resemble the cash in the bank if all else fails, doesn’t hold water.