In reply to your prompt: Yes, the lack of control arms in the trials completed to date is utterly germane to the valuation of the stock. Many investors do not accept historical controls as proof of concept that a drug works.
One even has to wonder why, after so many years, ADXS does not yet have a completed trial with a bona fide control arm. AIM2CERV does have a control arm, but the data from AIM2CERV will (conveniently, a cynic might say) not read out until 2020.
p.s. I've posted on numerous occasions that ADXS-NEO is the main reason I'm long the stock (#msg-132170909).
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”