Thanks for pointing that out Mr. Buffett! Not many posts about this fact. =)
Unfortunately, they have not yet announced plans to liquidate, otherwise it would be a screaming buy. The current plan is to continue burning cash at around 6 mill per quarter with basically nothing in the pipeline. If TZP-102 were an effective gastroparesis treatment it would not have bricked this trial.
So when they are finally bought or liquidated what will their assets be worth? Maybe more than the market cap today.
I'm very happy I sold half at 4.64 and half at 1.20 rather than wait around for this, I'll tell you that much. I would consider buying some back here in the sixties in hopes that they are bought out early next year, after TZP-102 is thrown into the recycling bin (but before that cash pile is burned up).