If z160 works it won't matter if there was a reverse or not.
The value of the drug won't change with the number of shares outstanding.
I would say though ZLCS would be WELL ADVISED if they do a reverse to keep the share count at a level that would allow for institutional liquidity.
The fate of a lot of reverse splits is they create an inefficient market and make it tough for the "big guys" to move around.
In summary: With ZLCS not being able to increase the number of shares outstanding (by shareholder vote earlier this summer) we really don't care if they reverse or not as long as they do not kill the liquidity.