Interesting chart 
Interesting chart from a deep value perspective. Market cap, share price and liabilities are all at all time lows, yet cash is close to all time high, and price to book is at all time lows.
The market clearly hates this stock right now, but compared to their past, they are really in the best financial position they have ever been in. My concern is the cash burn, and from the last news release, they have stated that they are really trying to minimize this. Management states that they know their best asset is their cash, and so they at least state they are protecting that.
People are panicking cause they didn't get approval for the MCNA drug, but they really haven't lost much financially (at least to my analysis). No major debts or liabilities, and a very large cash hoard per share. And the cash assets don't include the potential sale of MCNA rights, or the facilities they currently own.
In any case, I don't see too much downside from here. Cash around 0.15 cents a share, and trading well below that. May consider a position once AOS pays out.
As Buffet said, "Be greedy when others are fearful (and vice versa)."