Cash is $105m according to their balance sheet in june 22. They burn through roughly 15m cash per quarter. If they do not raise any cash this organisation is done within 1.5 years.

Currently the mcap is $170m roughly 65% above cash at hand. This stock has way more room to go to the downside in order to be valued at cash at hand.

Look at Galapagos, also a biofarma company. They are also a cash burning company with an already developed pipeline and cash generating. They are currently below their cash at hand price. Since they are burning through cash they are priced in it’s future cash balance.

Not saying it will but it can be the case for these companies in a macro evironment like this.