This is a ridiculous statement. The value of any small...

This is a ridiculous statement. The value of any small research-phase biotech is the risk-adjusted value of their drugs' ultimate success. Such companies typically burn cash every quarter for years without a licensing deal and are still ascribed significant value.

With a phase-3 candidate and 7 ongoing phase-2 clinical trials addressing multi-billion markets that aren't well served by existing therapies, Santalis is undoubtedly of significant value.