Because it's a stupid metric. It takes into consideration investor sentiment when the average investor has no clue how any of the clinical trials are coming along. Except for Mike. He has a bat phone to the insiders who are telling him to short.
So today, it's $3M. With a good PR or even a good rumor, the stock goes up and next Monday it's at $10M because people start to buy.
The only metric that counts is whether the drug works. If it comes to pass that it doesn't, then I will be the first to say you are an oracle, truly. But if it does work (some folks in the EU seem to think it does), well then the talk of bankruptcy is buffoonery.