Trading Below Cash
When a company's total share value is less than its cash minus debts.
Investopedia Commentary
In other words, the market capitalization is less than the amount of actual cash a company has on hand.
There's an old saying: "even a palace isn't worth much if it's on fire," meaning that a company's cash reserves aren't nearly as important as how fast the money is being spent (the burn rate).
Related Links
Don't Get Burned By The Burn Rate
See also: Book Value, Burn Rate, Market Capitalization, Trading Range