@JMiller83 said it well. Forget about how far the share price has to travel from here to reach the market cap expected should IHL42x be bought out after positive pivotal trial results, or pre-commercialisation. Instead, decide what the asset will be worth at that time. That's the only thing you need to be concerned about in order to place an approximate value on the company's market cap at that future point in time.
To answer your comment about rare microcaps reaching those heights: those companies are as rare as companies that get major assets, with large addressable market, bought out. Certainly not the majority, but if you did not believe in the assets, you probably wouldn't be holding...
But to really drive home the point about not worrying about how much the SP would need to appreciate to reach the targets that have been bandied about, ponder that the SP could literally drop back to 1c, and then rise to 3-6 dollars aud upon buyout. That would be a dizzying 300-600 bags, but there is nothing theoretically preventing it. Those investors who bought at 1c years ago are in line for that, if we succeed. There would be nothing anomalous or surprising about a SP of $150-$300 USD upon such a buyout, for Incannex. All that matters is the valuation of the company, divided by the number of shares on offer.
This is why so many of us don't spend too much energy on the SP, or consolidation factor: what matters is success in our clinical trials, and whether management is progressing successfully towards that. The BOD will pick the consolidation factor that best positions the company, vis-a-vis US optics, and then our actual progress towards results will either do the rest, or not.
