Why? Just because they failed at a drug trial that is extremely difficult to succeed? I warned people about all hyped up in a company that generates 0 revenue.
It's all speculation and you should only put in money that you're comfortable gambling with.
That is the difference right there. You consider it "gambling" a random toss of the dice. It is supposed to be investing, which is a calculated risk based on proven science - at least that is what it is with American companies. It is not "all speculation". It is not a game of Russian Roulette. Science, math, and proven medical research approaches all factor in.
You act like they went out into the rainforest, picked up some random plant, and said "Hey, see if this will treat anything" and it might or might not. That is not the case. Research a Pfizer or Merck and you will see that there are rigorous controls and checks/balances all along the way to be able to identify if the compound has a reasonable chance at being effective - and if not, how to guide/adapt the research team to adjust to something that IS more effective.
But you are right, with BLRX it is a blind gamble, a random toss of the dice. They don't have the management or scientific medical discipline needed to be successful. In this case, it isn't just a gamble, it is a game of 3-card Monte and they are on the wrong side of the box.