With the potential size of either ongoing DoD contracts or Covid...

With the potential size of either ongoing DoD contracts or Covid medication (also ongoing) a fair value for the company would be at least $500 million on the low side, but if their vaccine candidate was successful then over $1 billion easily. Biotechs having viable products with solid future revenue streams often go for multiples of that. With regard to the DoD vaccine in particular, you could be talking hundreds of millions if it was to be distributed to all troops on deployment, with contracts renewed every couple of years.

The above however is all wild guessing when it comes to Immuron. For reference, I am also invested in Imugene (IMU) and that has gone ballistic of late, with a lot more left in the tank. From a couple of hundred million to cracking 2 billion market cap in short order. The immuno-oncology space is hot so a takeover for them would be $10 billion + if current trajectory is continued (just an an example and not cross-promoting).

For IMC, the reality is we have no idea until we have efficacy data from DoD trials end of the year (or Covid trials earlier).