could be wrong, but guessing there is some selling ahead of Jazz call on JZP-110 -
End of day, if they get good data on SO, FLML becomes a path for someone to launch in 2020 as opposed to 2026 - that's worth more than today's price. But requires patience.
As an aside, and haven't looked at this for awhile, I believe once approved could launch anytime, but subject to treble damages if Jazz can prove infringement - FLML can't take that risk, but maybe a larger company could.
Also not sure about the REMS timeline, nor have they provided much info on this.