1. There is no disclosure of how much was spent for only the ZTE trial
2. Therefore your 100 million is equivalent to me saying they spent $40 bucks
3. Yes it is clear they lost money but how much we don't know. Certainly a large part of the losses are also attributable to google.
4. I agree however, that they did lose money and clearly the market is viewing this company as one that cannot monetize its IP on a ROI positive basis (thus the reason it is trading under cash).
5. The company will not get credit in the market until they show they can actually 'make money' - you will get no argument from me on this, but let's stick to 'facts' vs hyperbole.