Avantium not a stock for the Graham Defensive investor

Losing a lot of money.
Sales €11m, Expenses €28m

Book €75m/25m shares = €3 book value per share, price €2,74.
Not extremely cheap. Might make money in the future?

Last year: Stock price and book value were much higher: http://sinaas.blogspot.com/2018/08/avantium-euronext-avtx-intrinsic-value.html