A good firm effects a "share repurchase program" before any share buyback could occur and will only "buy back share" if they thought 2 things: 1) stock trades below the par value of their stock or 2) despite the par value they feel the stock traded well below the fundamental valuation of their stock.
It does not make sense for MTVX to "buy back" shares at this stage because even at 0,0001 they'd book massive losses against the par value of the common stock which is at 0,00001. Every share bought above 0,00001 means that the company would incur a loss. And every share issued to lenders like Ironridge means a big loss.
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