One just does not risk putting the company in BK because of a lack of capital. Access to capital opens and closes. It's better to take when you can get it.
I raised money for a biotech in the 90's and know that if the industry goes out of favor, and it does from time to time, raising money is next to impossible. EVERY CEO and CFO in the biotech space without a product says the same thing, "take the money when you can get it".
Additionally, having negotiated with big pharma, I can absolutely tell you that there are those within big pharma that would use COR's lack of cash as a lever to get the IP on the cheap. Even if COR could wait them out, not having the capital influences the Big Pharma negotiator to drive for a better deal, else he will be perceived as a weak negotiator by the Big Pharma's executives. Strangely enoungh, it is a hinderance to Big Pharma consumating the deal because of the thinking that COR should be willing to accept a skinny deal just to assure survival. It's just the way the negotiation strategy goes.
Yes, I wish the terms were better, but if the compounds progress, we will make money....good money. If you are a trader, well, you got what you deserved because this is not a trading stock, except on the extremes....which this may well be today or next week. It's just more undervalued now than it was.
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