Unfortunately you may be right. I had hoped that good Cohort 3 results would at least get us back to where we were before Cohort 2 was mishandled. But it appears that investors are no longer willing to give this management team the benefit of any doubt, even just a little. They withheld the information about the change in the Cohort 2 protocol, so I guess the concern is what else might they be withholding?
We may well be looking at these low share prices until we get verified Phase 2 results. And since the start of Phase 2 is apparently (for some reason) at least 5 months away, we are probably a year away from a share price moving event.