Personally, I don't think it is a "dead cat"... It is currently trading well below tangible book value and it doesn't get more tangible than cash, and this company has a very low burn rate...
Interestingly, the shorts are continuing to pound this thing, which, considering the point above is insanity!
I remain "hopeful" that the data analysis will reveal a plausible reconciliation of the results. My point of focus would be in understanding the shockingly unusual placebo results, which candidly, make me wonder if there was a mistaken switch of Byrostatin and placebo within a segment of the treatment population?? If that happened, the data will show it... Regardless, there is something highly unusual about the placebo results...
Alternatively, the assets (cash, licenses, patents, etc.), IMHO, should be worth something as minimal as even $50 million considering the previous positive responses to the science with various CNS diseases... I think in the worst case scenario, the company can be flipped to a big pharma company for $20 million (mostly cash on hand; absolute fire sale scenario) but I do think there is value beyond this and even at $50 million (nothing for a big pharma company) there is a lot of value for the package and that would be a valuation of approximately $4/ share...