I'm not so sure the risk/reward ratio is great, otherwise we would see lots of buying. Something forces folks/funds with cash to stay on the sidelines. Perceived risks are too high? Think so.
I have a problem with the shrinking market cap. For me, a point of no escape is $30M market cap. If the current MC is cut by another 50%, we are done. We will be devoured by vultures like a small planet by a black hole. The biotech field would not even notice that event. Just Amgen would get us for a song and a dance.
I do not see any clinical data to be released until ASCO '19 in June. Until then, they desperately need to sign a deal or two. Otherwise, we cease to exist.