I'm not sure how this rights offering works but if it was done at $1 (just for easy math) and everyone executed their rights(which won't happen because insiders won't participate ) it would raise $54 million. They state $104 million cash so they would be getting close to paying pip. Maybe a barda milestone gets them over the line?
When insiders buy that would be a clue. Look at their salaries and stock compensation. Think they are all in on rights offering?
When did you want them to hire one? I assume this is for raising $. They should have fired management years ago.