No matter what the science is, you need to look at the competition out there. Is this really a first class, the best drug out there?
In terms of management, what has the management done to lessen shareholder's impact. There are other ways to finance, and that is through DEBT. This company has been using equity financing too much. It needs to start taking the burden out of the investors, and find other source of financing.
Not because it is a developmental stage company doesn't mean that they shouldn't balance their books, and find other sources to continue their operations. They should be aggressive in finding grants or government funding.
The lackluster performance each quarter almost seem like the company is just too complacent or that they are not that serious in their management. Almost like they are in this simply to profit from sale of their own securities.