I completely disagree with your valuation model for biotechs. Let's take a look at AXON, with its 1.5 Billion dollar market cap. Their "wonderful" intellectual property is a previously-failed Alzheimer's drug which is very similar to other failed Alzheimer's drug. They bought this drug for 5 million dollars after it was shelved by Big Pharma for failure, and they are trying again with a clinical trial.

Now let's look at CTIX. It bought intellectual property when PYMX went bankrupt through financial and scientific incompetence. They took the antibiotic Brilacidin, the first new class of antibiotics since 1987, greatly reduced the dosage from what PYMX used in their original clinical trial, and thus far have had a clinical trial which shows that it's just as effective as existing antibiotics in severe skin infections, but with only 1 dose instead of 7. Brilacidin also has powerful anti-inflammatory properties and there are currently 2 more clinical trials going that utilize the anti-inflammatory properties -- for oral mucositis which currently has no effective treatment, and for the horrible disease Ulcerative Proctitis.

Then there is the clinical trial for the utterly different drug Prurisol, which has had promising results treating psoriasis, and their experimental cancer drug Kevetrin, which helps the body's own immune system fight off cancer.

So: AXON, 1 previously failed Alzheimer's drug in clinical trials, market cap 1.5 Billion
CTIX: 5 clinical trials for different drugs or different formulations/applications of a drug: market cap, 154 Million.
EDIT: AVXL, market cap 121 Million for 1 drug in Phase 1 trial.

And you think that CTIX is more fairly valued at around 62-92 million? Sorry, that is really not plausible.