market cap mystery

So, my rough calcs are that TIS has a market cap of $61m. Given that an 'efficient' market (and I use that term very loosely) should price stocks at the NPV of all future revenue streams, why the hell is the share price still so low?

Reading through TDAs' great summation of the AGM, the CEO appears pretty confident that TIS will be profitable by end 2011. Therefore he believes the 'E' in PE ratio is real...my only conclusion is that the market believes that the size of the opportunity is a lot more than it appears to be on face value, or that the market is EXPECTING and pricing in some sort of hiccup (regulatory impediment/failure of final trial).

I now have my (very conservative, elderly) parents, brothers, sisters, and in-laws in the stock. this could be one of the great Aussie success stories like CSL. It is going to be a great TIS-Mas.

Am I missing something?