That's not how you value biotech start-up stock were cash funding is very importantly, if the SPP is full subscribed there will be another $30M and if all the option is taken at 12c then that's another $120M within 2 years time when the option expire. IMU also receive 50% of R&D rebate, they spent $44M on total expense last year with $30M on R&D cost and received $12M back.
Sure, after they spend another $60M in a years time (probably get back around $20M on R&D rebate) and there isn't any further positive clinical trial update then the pps will go lower.
Class action, page-136
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