For what it's worth, the current valuation on ARYX is less than the series C financing completed by the their venture investors six years ago! That was before any progress had been made in the clinic on any of their compounds. One would think that there is some significant value here but, at this point, who knows. Clearly, management has done a very poor job so perhaps Cowan can add some adult supervision to their efforts to get a deal done.
There may be short term panic but everything depends on the value the market attributes to the pipeline. There was no word on how long cash would be adequate for. Assuming another 2-3 quarters the share price may not take such a bad hit.