As anyone can read, you claimed that the current drop will drive the company out of business. At the risk of repeating an obvious statistical truth, most (if not all) of the biotech companies at one point of their lifetime have experienced a 40% drop of their stock price. Therefore, the occurrence of such a drop has absolutely no significance and is completely useless to predict if the company will succeed or fail.
No, a reverse split does NOT have to be on the table. Are you privy to conversations of the management so that you have a basis for this statement? Do you think that management has forgotten about uplisting, and the upcoming data presentation(s), and so they are as panicked as you purport to be? I hope no one believes this nonsense.