Date: July 2015
Share Price: 20 cents
Market Cap: $37 Million
Cash on Hand: $10 Million
Now:
Date: May 2016
Share Price: 12.5 cents
Market Cap: Approx $20 million
Cash on Hand: Approx $6 Million
Market Cap Loss = $17 Million
Cash Burn = approx $4 Million
So the value of the company has dropped 4x faster than the cash has been spent, but also more and more milestones have been met and achieved. This is a stock that has lost value due to lack of interest rather than anything material.