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?