I think what you say Windshift is the "most likely outcome", but it will leave the company with shattered market credibility and serious challenges in attracting broker or insto interest.
The sad reality is that people who feel burned or at the least seriously let down or disappointed will be reluctant to listen to any new "pitch" from the team that they feel failed them.
As a result, I would say any recovery will be slow and faultering.
Add in a dilutionary capital raising and the climb out of the hole will be even more difficult - and the upside will not be back to 30c let alone 50c any time soon - unless there are some very big wins in respect of oncology asset sales, licencing deals or milestones or some other "win".
Time for a complete reset - maybe even a name change!!!!