Hmmm, I think I respectfully disagree. There are a lot of fundamental and technical positives here despite it's decline since early summer. We can all site countless examples of small/micro-cap biotech pharmaceuticals which experience precipitous price drops after an FDA rejection. The FDA anticipation drives them up higher than they're worth and conversely, knocks them down to levels at which they're way undervalued. That's where ADLS is right now.
Per their recent PRs, on-going studies have shown amazing efficacy results with Restanza, as well as a close working relationship with the FDA to get this drug approved. From the perspective of the FDA, ADLS is one of the one of the only companies working on pharmaceutical solutions to bioterrorism.
I believe the chart also has a lot of technical positives, including a near $.25 gap that will eventually be filled.
Anyway, just my two cents!