Telesta is now a phase 3 companyI think.
According to our friend John Ford of Seeking Alpha pre Adcomm fame, if the FDA were to recommend a second P3 a conservative valuation would be $150,000,000 US. I have reason to believe that this is a very reasonable assertion for a "normal" company. Yesterday Telesta was valued at half that. Telesta closed at roughly 1/10th that market cap this afternoon. A P2 green lighted to a P3, or P3a to P3b would be 50 cents US and rising, rapidly. Telesta on the same train track is 5 cents and tanking. Telesta appears to not be "normal" and is valued well outside the scope of any comparable equity. Huh