If a BP was to make a takeout offer now, what would it be? Let's say somebody offered a 400% premium, which would be unusually high relative to historical transactions. That would give us what - $.35/share? Although that sounds pretty good relative to $.07, I don't think it's what most shareholders (other than ratchet warrant owners) are looking for.
A better path for shareholders would be to obtain some type of FDA approval, which would bring the Holy Grail of serious third party validation and should push the share price up to at least $.50. From there, any takeover offer would need to be at $1.00+. Not to mention that with an approval in hand, there's a higher probability that competing offers would materialize from other companies that don't want to be left in the dust in terms of safe & efficacious complementary drugs to partner with their checkpoint inhibitors in the vast cold tumor space.
I think that's why management is aggressively pursuing trials for serious orphan diseases that have high unmet needs - e.g. metastatic uveal melanoma & NETs.