I make excellent points and I can't disagree with any of them. But with the current market cap at $100 million, if they get back to a $200 million market cap without raising money, that is a double from here so there does seem to be some room for a good return IF they can pull it off. APPA is the kind of stock that moves based on its own merits and any news relating to its drug in development not necessarily in the direction of the broad market.
I generally would agree with the negative connotations of a reverse split, but I also own SRPT and have owned it for a long time. A little over a year ago the stock was under $1 and the name was AVI Biopharma. They voted to change the name to Sarepta Therapeutics and did a 1/6 reverse split. My first reaction was to dump the stock but I decided to hold on since the reasons for buying in the first place were still there. You can see what has happened to the stock since then. That is not to say something like that will happen to APPA nor am I advocating buying or holding APPA for the chance this might happen, I am just saying that a reverse split does not necessarily mean everything is going downhill from here.