I've seen it too many times. If the options were to convert, the market cap would be around $55m with $10m cash. A $45m EV is too much IMO. I can't see that, them being IND ready and getting the HIV trial underway, will double the EV. Especially as those two events still have to be paid for.
Of course, that's glass half empty stuff. A deal with Pharma will change everything.
