<<If a buy-out was in the works then it makes sense they didn't raise enough cash to fund the current trials>>
If a buyout is now off the table the company should reduce the cash burn by stopping non cosmetic trials until they are cash flow positive.
I was okay with a heavy burn proving to prospective buyers that the drug worked for all indications, but if they are going alone for cosmetics in US you can't fund trials for all indications AND bankroll the cosmetic launch.
If they don't partner and you don't slow the burn, current shareholders are screwed, plain and simple. Then again I wonder if Browne cares about current shareholders. I am guessing no
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