all value for any company is based on future cash flow, discounted back to the current time. the discount rate is based on the risk profile of the company (smaller company has higher weighted avg. cost of capital) - obviously we have a high WACC.

to have any true value, we need revenue - or a short path to revenue - it's just as simple as that. until we can actually get to market with this drug (i.e. generate revenue), any SP is based on pure speculation.

the question is - how long until we can clear the uncertainties around getting this drug to market? we've been stuck in a ditch for years now, while other companies make advances and get to market - and while new executives, team members, etc. come and go, we spend money and issue new shares.

yet i still have no clue what the answer to my original question is - how far are we from generating revenue and establishing a value for this company? if we can answer that one, we can start to have confidence in where the SP is going.