Ann: AnteoTech Progresses COVID-19 Test Toward Market Launch, page-508

I agree, this was the bit that got me:

"Ellume proceeds could be up to 3 mil this calendar year, massively increasing from last year.This does not justify our share price, nowhere close."

Of course the revenue from Ellume wouldn't justify our current MC, because the proceeds from Ellume is ONLY just a small part of what ADO can potentially achieve, even if we leave the battery aside. There is obviously the potential of the antigen Covid test (and its variants), along with the potential of Sepsis test, nevermind those possible licensing agreements and raw material sales and JV products.

The market is forward looking, it is pricing us for the possibilities and IP we hold, management's confidence as of late helps push that along too. IF management can deliver what they envisioned, 190m is too cheap.