Will Galaxy Resources reach $1.00 by the end of the year?, page-9

Of course it is possible.
Technically nothing prevents the SP to slip below the assets value.
It is not like there is a "hard stop" because it would get below cash+asset value.
If people think the cash will get burnt down and the assets won't be developed, and they want to sell, they will sell and the SP will go down. It's as simple as that.

I am not saying it will happen, but you're delusional if you think it can't happen just because it'd be lower than the balance sheet.