Because, FBG, I believe management has an impact on value, not share price. The share price and the value are disconnected. Not to mention that the science is the most important "value" issue, not management. This is a company whose value is in its unmonetized science, and not much else. All you can ask of management, when dealing with a very promising developing technology, is that they manage the development programs effectively, forge key relationships with BP's, and keep the company funded until judgment day. Management has done all of that just fine thus far. And the value far exceeds the share price.
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