Yes, but at a 65% discount. I have a list of milestones that all...

Yes, but at a 65% discount. I have a list of milestones that all have a discount attached to them. Once stage 2 is up and running and there is no discount my model has the price at $11, assuming PE of 12, $9500 pt and almost nameplate.
So fair value of $5.49 today and slowly increasing to$ 11 over the next 2 or 3 years.

Slightly more bullish assumptions and less discount has it's values at $14 now and $19 once stage two complete.