Where we at?, page-334

I seem to recall 51 Capital have been a 'true believer' in PAR. I think they went to Germany about 5 years ago to understand a little about how the Germans had the right (secret) formula for the pentesol (spelling) that no other para has been able to replicate. There was an item published soon this a few years ago.
What I find that I am not understanding is that having come so far with trials and what to my layman's eye are positive results, is that the market has decided to drop the stock like a 'hot potato'.
Maybe it has been one large holder who has sold for other reasons which has triggered stop loss orders.
Can someone with a good understanding of the trials and prospects please set out briefly why the stock price is so far down.
Also, what is the pathway and potential timeline to get to a FDA submission which may lead to registration. Are we still 'light years away'?