There are plenty of plausible explanations for the stock performance, but keep in mind this stock trades 100K shares on a good day, which is less than $1 million. That is nothing - way too small a float for institutions right now and if a seller appears, there's no one to absorb it, so the price falls. That's the way it is with illiquid small caps.
The company has about a year worth of cash prior to the license agmt so it's in no rush. My guess is that after its Phase III results, it will do a secondary after the stock is higher.