Valuations - compare TLN with Exelixis
https://www.exelixis.com/pipeline.shtml
The closest similar company is exelixis.
It give you an idea of what US investors are willing to pay for a similar company.
Once TLN gets partnership deal, it should trade closer to Exelixis valuation.
Right now TLN is trading below cash value, as if there was nothing, no bid no hope.
Downside risk is limite to trading fluctuation.
Upside potentiel is very high.
Failure for TLN-232 and 4601 is quite low.