Ann: Trading Halt, page-39

How do you value a biotech company?

By multiplying the drug's estimated free cash flow by the stage-appropriate probability of success, you get a forecast of free cash flows that accounts for development risk. The next step is to discount the drug's expected 10-year free cash flows to determine what they are worth today.

Current Industry average is circa 300% to 400% of current MC.

Certainly more than 11,5c that's for sure NZT