They may have $X of cash or close-to-cash assets, but the company also isn't shutting down tomorrow and liquidating. They will continue to spend into the forese

They may have $X of cash or close-to-cash assets, but the company also isn't shutting down tomorrow and liquidating. They will continue to spend into the foreseeable future, making its probably future value something less than $X. Basically, the future value of Zynga's games is worth less than the future revenue, creating an expected net value decrease.