We have a couple of people posting [often] who seem to want the company liquidated and the cash distributed. I don't know why they're playing in the small drug developer space; they should be ignored.
I've summarized the medium term situation in the "crap shoot" topic. Basically, the only thing close enough to approval to be of investment interest is Azixa, and the current stock price is roughly a fair value if Azixa costs all the cash on hand and is approved only as a salvage treatment for GBM. Even with the low-ish response rate seen in the latest presentation, that degree of success seems assured. The maximum possible degree of success would be for Azixa to become an almost-automatic component of multi-drug cancer treatment protocols. Don't bother trying to set a fair stock price for that outcome.
The company has funding sufficient to take Azixa to an FDA decision and to take its pipeline as far as preliminary phase 2 studies. Substantial added financing will be needed eventually, and much of management's apparent clumsiness seems to have been connected with efforts to be in a position to get that financing on favorable terms (the combination trial with carboplatin [an approved drug being looked at for an off-label indication] could have demonstrated an assured maarket for Azixa...but carboplatin turned out to be ineffective).
A small phase 2 Azixa in GBM study generally comparable to the one recently reported is due to come out in about a month. Really, the only thing likely to be of interest is whether any patients suffered brain hemorrhages, but that is a very important question, as it is the dose-limiting toxicity for the drug. More than one would suggest a need for further phase 2 studies.
That is the whole point. Publicly traded companies loaded with cash should not be managed into "crap shoot" status. This is not a Vegas casino. Any competant manager could restore shareholder value quickly. Hopefully First Eagle is our Ramius, Hobden is soon to be Kranzler, and get his butt kicked out.