I find it incomprehensible that the market values this company...

I find it incomprehensible that the market values this company based solely on existing cash flows, when there is a pipeline many orders of magnitude larger than the EPP business. It does seem to happen quite often though, if the "pipeline" were listed on its own I'm sure it would be valued at market cap of over a billion dollars, but as soon as the company starts to generate earnings suddenly the market forgets about the pre-revenue assets and values the business solely on the basis of the revenue generating assets.

The company's engagement with shareholders definitely doesn't help though. They really need work to re-inject investors with enthusiasm about these pre-revenue assets. That'll take a mix of better and clearer communication, but also actions such as an aggressive buy back with no concern for price and faster progression with the expansion in the cosmetic business (if they have the M line products what's stopping them from officially announcing them and at least beginning a soft launch?). There are lots of levers that they currently have control of, which can be used to very easily make this into an overnight "market darling"