my first impression "not good", page-4

This argument is backwards.

If everything else were the same except that PVE's enterprise value was $200 million - say the share price were $1.50 - then by your argument it would be a much more attractive investment. That might just wash with a biotech dependent on continuous capital raisings, but makes no sense for most companies.

The major failing of PVE's management is continually making over-optimistic predictions and estimations, both of reserves and of deadlines. They _did_ have five year plans, they've just taken ten years instead of five...