Well at $75 million valuation in an about to commence phase III stock that had a $200+ million mkt cap in 2022, with trials less advanced back then, I figure I am almost buying a call option with a very low delta implied volatility (that would be "boat and bait shop" prices to you) whose delta far exceeds that implied by its price.
Of course its a punt stock - its a call option investment. Perhaps you've had discussions (with your usual dismissive disdain no doubt) with shareholders in the past who misunderstood that. I am under no illusions to the business risks or the risk profile of owning the stock (more a call option as said). The potential upside is also pretty clear too for those with a bit of forward nuanced insight in its targeted market ambitions.
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