Where to from here, page-3

sale of Santalis? after the Galderma cancellation, it has no live contracts and has to fund a bunch of phase II trials. Its value is probably negative.

As to the put options being at a discount to book, that's rather the point. The book value is a mirage - if folk are going to exercise put options, then they clearly value the trees at less than the put option value, and by extension at far far far less than book value.