"I think it’s too dismissive to say the stock price is not an accurate reflection of the current state of affairs."
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I generally agree with the above statement, with 1 caveat...
In other warrant laced deals I've seen, in the days immediately after the offering closes (after the new shares have been delivered to the "investors"), the selling pressure is heavy as some percentage of the investors will dump their shares (at pretty much any price) to keep the warrants. We saw this happen yesterday with 4M+ shares traded.
Need to see this immediate/temporary (IMO) selling pressure to be exhausted, and then see where the pps settles. Should see a little less selling pressure today, IMO.
Other risk out there is path forward with AXAL/Cervical. Wherever pps does settle in next week or so, future pps direction likely impacted based on what KB has to say about AXAL/cervical path forward.