PACB: This Does not Look Right

From yahoo finance:

Total Cash: 137M

Total cash/share: 2.46

Book value: 2.66

Why is stock price below book value or cash/share?

Full Time Employees: 326

If the company spends $200K/employee/year, that is a cash burn of $65M/year. Those estimates are roughly in line with their 8-K filing from Sept. 2012 and their cash level is down another ~20M from 137M of June.

I think the market is saying that the company is burning cash too fast, and market wants to force its hand. The company will have to respond by drastically reducing R&D; expense.

Big layoffs coming?