They have NOTHING to sell, and NOTHING in the pipeline. The entire bio-tech industry has turned its back on them and they're burning thru cash they made years ago on a secondary stock offering to pay executive salaries.
I see 10M and 4M in liabilities and 4M in cash burn. If cash burn stays constant, they net 4M (based on current mid Q) with 13M shares outstanding, that's .30 per share...just about where the SP closed today. But business is not closed today so cash burn will continue and there will be additional expenses to close business, so .30 is probably well overvalued. IMO.
The filing states, "a significant amount of the remaining cash may be used in the process of winding down operations." Anyone invested here is hoping for some kind of miracle. I moved on a long time ago. Now holding AVNR, NAVB, RMTI, and PRAN.