RE:worth a read...only a month old , recent enoughThanks for posting that report, CF.
It is extremely thorough and well documented. It is balanced and clearly intended to let the state of the trials and the information about comparables drive their valuation.
Their valuation is of course driven by their choice of the discount rate to account for uncertainties, which is 30% IIRC.
It is also driven by wating for upcoming results, which are summarized very well in the repot.
Every investor should read this report.