$ANAB Year end book value likely to about $14.50 per share, almost all cash. Company strongly hinted at reducing forward burn rate in the earnings report. Wrapping up the failed phase 2, and delaying the start of another phase 2 will lower R+D expenses. G+A expenses are low and reasonable, so overhead is good. Stock is heavily shorted...not much left to gain here given cash relative to burn, so smart shorts will cover. Tax loss selling a major threat, but today's volume indicates much of that dumping was already done. Bottom line, it appears they have 3.5-4 years worth of cash, or more if they focus their R+D, and /or if a partnered program succeeds in bringing in more milestones or even royalties. This trial failed, no doubt, but the stock is selling for less than YE 2020 cash, and possible catalysts with ECLIPSE and GALLOP trials in the next 3-12 months. Also possible catalysts from partnered pipeline. Partnered pipeline with Tesaro/Glaxo already in phase 3.