Innovation Pharmaceuticals Inc (IPIX)

[frrol]

The current shares o/s is the wrong figure, use the fully diluted forward share count, which is a bit over 210 million. This includes all warrants/options plus the new contingent issuances (per the new Aspire agreement). The reason the market uses this is because of something called "dynamic inconsistency". It's technical, but in English what it means is that we're assuming the company is successful, and if it is successful it will have issued all those shares and therefore they need to be included for valuation. (If you don't, you have a "dynamic inconsistency" and a nonsensical answer.)

So we have an effective market cap right now of over $120MM, which is not bad. Should go higher with good news on P and B. And $1B of effective market cap is at about $4.65 share price.

(BTW, I am assuming no more issuance beyond what is anticipated now. This is unlikely. We will probably issue more shares to fund the K pill, though hopefully at a high share price, so relatively few additional shares...)