There are several more options, including resubmission at a higher dosage or buying revenues in an adjacent field. But a merger or acquisition is the most likely outcome. The drug certainly has value. Insiders had not put up in excess of $2 million through open market purchases if they expected this to just go out of business.
By hiring Cowen, they're definitely working hard in getting the company sold given the possibility of Somavaratan to be optimized (w.r.t. dosage/frequent-usge) to meet all targets. Closing down shop, distributing the cash is the last option and they're NOT going to let it happen.