Your P/B is incorrect. Their Book Value would have fallen with the bear market. You're using the last reported book value, which isn't current. Remember, markets are forward looking, not backward looking.
The ICN volatility isn't something new. We've generally seen that ICN falls much more than both BTC and ETH during bear markets.
If the team has cash, in general, they should be using it to buy back and burn more ICN. However, perhaps they need that money to pay salaries. This can be the biggest expense and what drastically reduces value to ICN holders.
I'm just using the site which I quoted:
https://icnhodler.com/book-valueSays they update the prices/book value every couple of minutes.
Yes, they keep enough cash to pay for 2 years of salaries. Still a lot of money left after that.
Unlikely they'll burn the ICN tokens if they buy them back currently. In Q4, CCP bought a bunch but they said they would sell them later on if ICN prices got too high.