The company has a history of board conservatism. Of itself not a...

The company has a history of board conservatism. Of itself not a problem. But if it means the company is not trusted to wisely spend the resources at their disposal to add shareholder value then no amount of cash will compensate a doubting market. The market rightly or wrongly believes the board is likely to spend the funds to produce little of value. I note the price continues to plummet. Their money all came from royalties on IP and an investment share of another startup company, not on any product they developed. Hopefully they will prove the market wrong and their own product/s will succeed. Otherwise they are a little more than a bloated funds management company not a biotech. It is entirely up to them to prove themselves in a doubting market.