Every time I think this can't go any lower, and buy more, it...

Every time I think this can't go any lower, and buy more, it goes lower again!

Superb management team and BOD, incoming cash flows ramping up nicely (yes from a low base, igeddit), and net cash backing of >2x market cap.

I'm wrong about stocks almost half of the time, but this really does seem very asymmetrical.  Yes, they could burn all their cash and go broke in two years - but to me that doesn't seem a likely outcome.  In my view if there isn't an attractive horizon within 12 months they might liquidate and hand back to SHs the remaining cash, of which there would be a lot.  And if there is an attractive horizon then - well the SP will be a lot higher than >50% of net cash.