RE: If we were in the US we'd be at $12-$15The market cares first foremost and almost exclusively about trial progress and results. This is the path the revenues and profits. If there is no progress and results (and if timelines are always extending) then price will not appreciate. Only with progress will the large current risk of the science be reduced and share price increase. It is no different if Canadian or US (although there are issues of a) Calgary b) HC vs. FDA, etc.)
All the other stuff that shareholders obsess about (patents, NCI, Science Boards, etc.) are not inherently cause for price appreciation (although they are trading opportunities) as they are cooked into any price level.