Alex, before offering my two cents on the reverse split I want to compliment you on your analysis of the company, always thoughtful and appreciated.
Stock splits are essentially neutral events they do not give a shareholder any or any less ownership in a company. Reverse splits are viewed negatively because financial results, as you point out, are in decline and companies that pursue this course are attempting to prop up their stock price and retain exchange listing. This rarely works the price decline generally continues.
In SWTX's case operational performance is vastly improved over past years. Reverse split in this instance can be quite positive. There are to many shares outstanding, given operational levels, due to the Needham bailout. By raising the stock price and most importantly achieve NASDAQ listing, this will open up whole new set of investors who by charter or practice cannot invest in low price over the counter stocks. If performance continues to improve this should have a positive effect on the stock price