If you look at the costs for R&D for the spectrometer and astrogenetix and then you look at the losses, you would see that the ASO business is profitable and that the company can survive on that business and look to grow as the commercial players like Orbital begin to ramp up.
Management is spending money on adding potential revenue sources and those costs are putting us in the red during the really weak quarters that just came to pass. 2011 is a different story and the spectrometer business may bring in multi-million dollar contracts.
That business is going to pick up next year and they are cutting costs, for instance two of the highest paid execs have gone, and additional rent revenue business is coming online. The business plan is to manage costs while ensuring that new business adventures are not being hindered as that will catapult the revenue and profit even if only moderately successful. This company is trading about $20m below its book value, this company is just not going to lose that much money before profit returns so it is as undervalued as it is going to be.