Yes n_i, the almost 25 billion o/s shares divided into earnings show the pps trading at a very high multiple. That is why sales are so important. However R/D is also important for long term sustainability and future revenue growth. If they are successful in lining up research funding partners then maybe if there is a spike in earnings then reducing o/s is plausible which is a positive for pps. Why not when shares are so cheap right now.