Ann: Recce Receives Further Innovation Connections Grant, page-37

I think it is all relative to the potential market for the final product. It is a bit like a gold or oil miner drilling sample holes. Before they ever build a mine their mc can soar depending on the inferred resource they can indicate?
Rce if it is what it states will be an anti biotic able to be used on multiple bacteria types including many of the world's most dangerous and anti biotic resistant infections. All that without adding to anti biotic resistance. The potential market would have to be billions. The company has stated the ingredients are cheap and plentiful so if trials are successful profit should be guaranteed.
Another company I follow pyc is currently around 500 mil mc and still a long way even from phase 1 human trials. I guess market thinks they have an even bigger inferred resource?