I appreciate your post, but I don't really agree with your logic.
First of all, the CEO should be concerned first of all about his business; the stock price will follow if the business succeeds.
Second, if he is concerned about the stock price, then he would still want to enroll as many patients as soon as possible and start them on treatment. Even if a couple of patients don't respond, and the news gets out, the stock price drop can only be temporary until positive results come in. If there are no positive results, then there's nothing to save anyways.
But I'm not the CEO for a penny-stock biotech company, so I don't know all the ins and outs. And I don't know anyone in that position, and Geert is not giving us all the information he has, and we don't know why. The stock market hates uncertainty, and that's why the price is dropping. I have a thousand shares, and I can afford to sit on them until some results come in.
phase 3 approved, funding, plant built, some treatment centers approved. A smart CEO knows when treatment should start and how many patients have already enrolled is enough to start treatment at the same time or a couple of days or weeks away are all part of business stategies.
you said the stock price will follow if the business succeeds. this is not always the case if short sellers drive price down. Isn't this why the SEC created new rules?