Black cat,
I don't mean to keep attacking you personally but your last few posts display a real lack of understanding of how reality in the business world works.
Whatever Dr. Har-noy values ITL at doesn't mean crap to IMUN investors. What IMUN holds is a piece of paper with some words that say (Common Stock, ITL) on them. This paper is worth exactly nothing until an exit (IPO, buyout, etc.) is achieved by ITL and IMUN, that has blown through so much cash pumping its shares that it couldn't afford to make its licensing payments, now has to survive for an undefined amount of time until ITL can reach its exit and make this worthless scrap of paper worth some real cash.
Do you get it? The difference between owning a public company's shares and private company's shares are like the difference between owning gold bars and scrap of paper that somebody wrote I owe you 100 ounces of gold. The former has intrinsic value while the latter depends on the performance of whomever wrote the note.
The value that Dr. Har-noy puts on ITL is relevant only to those investors putting cash into ITL to calculate how many shares they get for the cash. This value has no relevant meaning for IMUN investors.