The challenge of not having taken funding as well is that you can't use your last valuation as a bench mark.
ie they offer you $1m, you can't say "Well, that's far below our last valuation of $5m" or "in order to make our investors from our last round whole, at an absolute minimum, we would need to meet our last valuation of $5m".
Depends what you're optimizing for. Price is only one factor.