I agree with all your points, except the cash backing.The cash...

I agree with all your points, except the cash backing.
The cash backing is really just a temporary illusion, until they burn that cash.
So investors are rightly paying it absolutely no value.
If the company wasn’t burning as much cash, the market cap would instantly double.
You are right, this is deep value and it could have a decent future and may turn around very soon.
But the market is giving clear signals that it wants the cash burn to stop.
The risk is the value gets so low, a competitor makes a cheap takeover and it gets accepted!!