RE:No value for Pipeline I don't think you would ascribe zero value to a phase 1 trial for a cancer drug, even the preclinical stage has a value, the company paid for the PDC preclinical and there are many companies at even preclinical stage which have been ascribed some sort of valuation based on their progress in the preclinical stage, the market for the indication and cost of the trials so there is NPV for all stages.
The article below is a good example how to value a R&D company during different stages.
As for NASH and EMA I think we can speculate both scenarios mentioned here, either they are just about to give up on the Europe or they want to get FDA on board first before approaching EMA and the third possible scenario is they might still want to get both on board before the start of the trial.
As we don't know we can only assume all three scenarios could still be what the company might do.
They did mention they wanted to expand the IP for Tesamorelin to other jurisdictions if that is something they are thinking about to me it sounds like they see a potential partnership outside the US and Europe for NASH.
I have seen many research studies from other countries like Japan and Australia re NASH, the disease is a global burden to health care systems and fatal.
SPCEO1 wrote: With the cash adjusted market cap at less than 3x revenues, it is pretty clear the market is giving no value to either NASH or cancer. Cancer is understandable since we have no human test results yet. On NASH, if you exclude Europe, then my suggestion that TH's discount to MDGL and NGM' valuation of 40% should probably rise to 70% since half the NASH market could be unavailable to TH. Even assuming that, THTX should still probably sell at around $7-$8 on a conservative basis ($2 for the legacy drugs and $5.50 for the US NASH business). You could also bump that 70% discount lower to 60 or 65% to reflect the better profitability of the US NASH market versus Europe.