ann. out- investor presentation, page-9

Bronchitol sales just started not long ago.
Current approved market size (AU & EU for Adult) is only around $75m p.a, and only Germany & UK are on sale.

The market share for US and EU for children is around 4 times of current approved market share, being $290m.

In addition, the bronchiectasis could target a $800m market share, although trial III results were disappointed.

PXS is still a junior/developer, it can't be valued used PE ratio. Compared with other Bio juniors, QRX, PBT, PRR, TIS, all of them don't have any sales, but their individual E/V is much higher than PXS', basically PXS has no enterprise value at current market cap.