Well, you have to have debt and be unable to pay it back, this company has very little debt and more cash so BK is out. Layoffs aren't usually considered very significant consequences to the BOD, its just cost cutting to them. Selling the company or its assets is something they could do. Astellas just set up a joint venture with Amgen for selling in Japan, and firms combining resources and buying other out is something that is happening often these days.
I would place most of the blame on the FDA too. The pazopanib trial did exactlt the same thing except with placebo, and met its primary endpoint PFS, and was approved. The only difference id they used an active comparator, with had a positive second order interaction with the cross over of the investigational drug, and increased the comparator arm. Had this been anything but a clinical trial, one would be happy as hell as it shows that tivozanib is great when sequenced after sorafenib, and may is likely to be after the other TKIs, It is a psitive thing for the drug, it just is a negative that the FDA can't or won't look at it that way, and wants the trial structured so it can more easily interpret the results, which are more likely to be counfounded so HR is one with double cross over. The drug may also be a significantly better 2nd line drug, and only marginally better as a first line drug. That is what I get out of looking at the OS !;1 and 2:2 data, which makes even a double cross over trial risky. It however, should be allowed to be part of a cancer patients options, and waiting a few more years is going to kill some patients compared to the ones that would have been treated effectiively...there is the other consequence.