Time to cut back and layoff those management teams. Sucking up twice as much in costs as previous year. Ya, they will sit back and give themselves nice raises and live off the proceeds and watch the company go down the swirly as they ponder retirement?
So, ELN is worth 15 to 20$/sh based on just their royalties and cash according to their analysis.
Since the Royalty grout was only interested in their cast and royalty stream and they don't seem to add and value for what's left of the company. It would appear that your observation is justified. It doesn't appear that they have any development resources left.
Then all they need is a financial staff, similar to what Royalty partners would have.
So unless they can show they are capable of developing new drugs. Get rid of all the overhead.
It would appear the management is just milking the cow. Not a pretty picture for investors and stock holders
Also take into account that their strategy was put together some time ago and they bloated the staff and admin expenses by more than double. This in itself is thumbing their noses at the shareholders. I think they intend to keep it this way for as long as the money holds out?