I am agreeable with all that; and a higher market cap is...

I am agreeable with all that; and a higher market cap is certainly justifiable.

By way of 'current state' peer comparison, CU6 is at a similar stage with a market cap $249.2M (6.32 x RAD); compared to RAD $39.42M.

While TLX at $2.34 billion (59.36 x RAD) was at a similar stage to RAD only two years ago and are trading with very solid growth in revenue coming from merely approval of their diagnostic imaging product (another 39% quarterly revenue increase) noting RAD imaging candidates have a bigger addressable market.

Despite the sectors growth, only 3 big pharm (out of the top 20) are currently active in radiopharmaceuticals. Hence, as was the case with Riccardo's old company (Advanced Accelerator sold to Novartis), there is a potential for the other 17 of them to partner and or buy; or for the 3 incumbents to do the same to defend their USP.
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What would they look for?

As I've stated before big pharma looks at 3 things with smaller biotech players: a diversified portfolio of asset, the data and the revenue opportunities. RAD has one of the deepest pipelines in the world with 9 unique molecules excluding 4 within the JV with MD Anderson, 5 therapeutic isotopes and 9 different targets, excellent data to date and clearly the revenue opportunities are large given the unmet needs of many of these patients.

Additionally, the team are world class and very hard to replicate. Starting with CEO Riccardo Canevari, who left a senior role with Novartis, bringing across extensive experience building Advanced Accelerator Applications which was sold to Novartis to start their radiopharmaceutical division.

Additionally, RAD has been able to attract a professor of nuclear medicine from Cornell University, a CTO with 25 years experience developing and commercilisation radiopharmaceutivals and imaging agents and a COO with with 30 years of commercialisation experience. This is alongside partnerships with Imperial Colleg Londo, Kings, UCLA, Case Western and MD Anderson.

The team spent years building this portfolio for which significantly over the current market cap was used to acquire it $80m raised of which $50m was used to bring A-grade assets together vs a MC of about half cash raised and less than the cost to acquire the portfolio.

The bottom line is you could probably split RAD into several different companies, but I believe they chose to aggregate it as there is a major prize up for grabs here. That is to build a portfolio and ultimately partner with or sell to a big pharma; or build a company like TLX in a couple of years or so. In short, if it walks like an opportunity and quacks like one, it probably is an opportunity.