Most likely due to the micro and small cap biotech environment....

Most likely due to the micro and small cap biotech environment. Companies not producing Cash have been punished indiscriminately due to having to raise money when interest rates are higher so the cost of cash has been higher, especially in biotech who are constantly raising money to fund clinical trials. While results so far have been promising, CHM hasn't been immune to this and have had a couple cap raises. This is also unlikely to change going forward until CHM has a product to sell, it I assume it will have to keep funding with raises. With expectations around falling interest rates later this year or early next year, we could see a re-rate across the sector as cash becomes cheaper to access which would hopefully lift CHM as well. Plus, positive results here should send this upwards too.