Yes that is surely part of the equation. Although I don't think any knowledgeable investor had any reason to believe the deal had become inactive?
If it had become inactive one would hope that the exclusivity could be ended earlier and SRSR could move on to the next potential partner.
In an efficient market the price certainly would be rising, however its isn't efficient and SRSR is not attracting new buyers despite the opportunity, so I still expect the price to retreat until there is a catalyst to bring in new investors.
Once we see some real volume sustained that will indicate some successful deal probability.