PL, there's more to consider than the stock just being undervalued. If they are still concerned about maintaining cash, then they need to hold onto it (ie. cost of expansion in EU).
Plus, they may feel that the stock price will drop further after the R/S, thus allowing them to buy back more shares.
read footnote (4) to the analysis of the R&D spend in the just filed 10k….the line item for “non-clinical” spend has doubled year over year…and descriptor of research into “biological activities of IPE” is utilized…so question, Why would mgt. be doubling it’s efforts in a line item project srudying IPE?……..this is why the stock is undervalued, imo……
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