Ann: Chairman's Address to Shareholders, page-2

• Current share price = $0.775
• Number of outstanding shares = 75.2m
• IXC's market cap = $58.28
• Cash on hard = $33.6m (as of Dec-20)
• Enterprise value of $25M

Also, referring back to the placement announcement back in 22nd May 2020 (~20.2M shares @ $1.3 per share i.e. $26M):

"The Placement was conducted following the release of the Company’s Phase II clinical results for Exenatide in the treatment of Idiopathic Intracranial Hypertension (IIH) patients, which showed a statistically significant and clinically meaningful reduction in intracranial
pressure (ICP) for all three primary endpoints of the Phase II study at 2.5 hours, 24 hours and 12 weeks. Additionally, there was a statistically significant and clinically meaningful reduction in the number of headache days (7.7 days per month, a 37% reduction - i.e. from 28.8 days down to 20 days) and visual acuity (one line improvement at 12 weeks on a LogMAR eye chart)."

The valuation of this company seems low and I can't even imagine the suffering of having 1 day of headache per month...