Avid Bioservices Inc (CDMO)

[realist1]

RE "assume the stock does not go down as PPHM would not just be selling ATM willy nilly"

More math: 175,000,000 / 251 business days per year / THREE YEARS = 232,403 SHARES AVERAGE PER DAY!
We're not just talking daily volume of normal buying and selling.
We're talking in addition to normal selling, adding another 232,403 each and every trading day for 3 years just on the SELL side. Can you appreciate the magnitude of the weight of that wall crushing the share price down? And it's relentless. Sure, they don't have to sell each day, my number is an average, but for every day they don't sell is another 232,403 waiting to be sold at some point. Take a week off and then there's 6 days worth to do next trading day which equals 1,394,422!
And that pace would be needed for THREE solid YEARS! It's insanity.

It's not simply the destructive dilutive effects, it's the destructive supply/demand effects on trading.

And my 75 cent number was certainly not a worst case scenario.

And I totally understand the multiple indications angle.
That's the only reason I even went along with your $10 billion market cap example, and it was just an example, and it will take many years to have the data on indications OTHER than NSCLC to justify a valuation like that which include other indications which have NOT even started a phase 3.