RE:The company and only the company
"Isn’t an efficient market supposed to discount back the value of a R&D company to the risk-adjusted NPV in order to put a price tag on their science?"
This company has a proven track record of spending R&D money on products that do not generate value. They have spent over $300m on products that did not generate a single penny to its shareholders. This is a proven, undeniable fact.
What makes you think their present R&D investments will give different results this time around?
Can you prove it?
Unless proven otherwise, the NPV value of their science is "zero".