does this make any sense at all

Just looked at the respective market capitalisations of LNC, CNX and CXY.

LNC 412.7 million shares on issue MCap $775.8 m

CNX 491.3 million shares on issue MCap $196.5 m

These are organisations haveing to carry out trials etc, and have much higher operational risks.

Then
CXY 570.5 million shars on issue MCap $36.5 m

This organisation has low operational risk, doesn't need to carry out a "trial" and is much closer to earning real revenue than either of the other two . . . am I the only one who thinks this make no sense at all?

Either LNC and CNX are way over-valued, or CXY is way under-valued . . . but something is wrong somewhere!