Art and science, ponder and math. There is no real way of...

Art and science, ponder and math.
There is no real way of accurately defining a share price of an R&D company without a product or service that has been validated scientifically and in conjunction with Regulators.
Pre product there is an artform to evaluating a share price potential which requires much pondering, and still the results may not align to the market's price.
After a product exists then science and math come into it to allow what should be a reasonably accurate conclusion on what a company is worth, ie 4c's and incomes, expenses, and potential.
Fundamental analysis is difficult without sales.
Technical analysis is workable to some degree particularly if a share is not above historical highs, due to being able to evaluate support and resistance historically.
You can compare market caps with similar-ish companies but it's hard to find oranges and oranges, there are so many dynamics involved it will often be oranges and mandarins for example.
But MC guestimates along a journey are fair, but you cant rely on them.
Where ANP is, like many other companies anyone making forward estimates far from the current price only put themselves at risk of failure.
Estimating a share price after product success if it occurs gets a lot easier, potential clients, %market penetration x estimated competitive pricing relating duration of the market versus costs. Any other potential is just that, unknown potential, so again only conjecture and the market has the final say in that.
And the market has the final say now, pre-product.

For me, I can speculate the value of a product when there is a proven sellable product, but pre that stage i find it best to just keep hoping/expecting( if I am a shareholder I have faith I have chosen a company that will improve) the promise of the company will see the price ascending, slow or fast, that is up to the market.