Biotech Values

[WorstLuck]

ENTA has a negative EV for all intents and purposes,

Whether or not you go with the pro forma EV as used by Dew in prior posts, cash on hand is cash on hand. Discounted future revenues aren't cash until/unless they are sold.

The cash burn is high. If they did not have the revenue stream that they have, they would be trading well under cash - which you took pains to point out using a different perspective. It's all the same thing but saying you have a precise value for a discountable revenue stream in an environment where the discount rate and interest rates have changed since the prior transaction is not what fungible means. The reason they would be trading under cash is as you say, a different matter. That has to do with confidence in the ability to generate new future revenues in this case, and as Rocky3 says it's all about the pipeline.