For royalties based models you can probably imply an IP value on...

For royalties based models you can probably imply an IP value on something similar to valuing an annuity but you would need agreements to support the revaluation. If/ when we get such firm agreements then the share price would rise well ahead of any annual update to book value.

What you refer to as hype others would call judgement of future value. It's reasonable to make such a qualified risked value assessment based on where the tech is and the likelihood of market adoption.

There's always going to be a wide variation in these underlying assumptions and therefore someone's preferred entry price. Then there's market psychology, and once this does start to move sentiment could shift quickly.