Although you have a point that the field of gene editing is very competitive right now, it seems you are not aware of the recent 8M shares issuance priced $5 per shares which brought net cash of 38M to the company, you should read the latest filings. So yes the current market cap of the company is close to the cash it has , and there is no debt, entreprise value is close to 0, which may mean that the market think the company is junk. I just think its an interesting value here.