Having nearly run out of cash, the only option TetraLogic Pharmaceuticals sees to save its work over the past few years is a proposed asset sale to Switzerland’s Medivir AB.

If that happens, its skeleton Malvern crew could get $2.08 million in severance pay. If not, the company faces bankruptcy and liquidation, according to a Philadelphia Business Journal report by John George.

Infused with $50 million from a 2013 IPO, TetraLogic has been developing Hepatitis B and HIV drug candidates, but recent clinical trials for Birinapant did not go well.

Shareholders will vote at a special online meeting Dec. 29 whether to accept $12 million, plus conditional payments of up to $153 million. Those proceeds would pay off holders of senior notes, and any conditional money would pay preferred stock dividends and common stock dividends.

The severance, to be paid separately from remaining cash, would go to the eight TetraLogic employees who are left, including CEO Kevin Buchi, CFO Patrick Hutchison, and General Counsel Richard L. Sherman.

Read more about TetraLogic’s sale and severance proposals in the Philadelphia Business Journal here.