$190M in net cash, but only a $159M market cap? Seriously?
Plus they have several drugs in Phase II or better, some with Big Pharma. You're basically getting a call option on those drugs turning out to have value at no cost. Management has cut costs and staff to avoid cash burn.
It tells you that everyone has lost confidence in management to do the right thing with the cash. It will be a year before any meaningful data and the cash won't be the same then. The best move they can make is to buy another company with a solid pipeline. These nicotonic programs have never panned out.