You can assume anything you want, but my question is:
This company has been in business for 16 years, does it have the ability to bring a product to market?
Phase III clinical trials are an important step in getting FDA approval. Or is it just about trying to get a positive Phase II trial and trying to attract a partner or a buyout? So far they haven't been able to do that either. Ok, don't throw up Cotara, which may go to Phase III, but nobody is banking the company's future on it.
Sure there is plenty of potential in the 8 Ph. II trials, but at some point management has to deliver on that potential.
While I do value that potential, as I said previously, I am long PPHM, most of what I value, when look at the current situation, is the history of the company, it's current actions ie. increasing pay, stock options, and limited communication. I wonder can they deliver or are they just weaving a story to keep investors interested?