OMIC yes if you got a liquidation event today I think you would end up north of 2 dollars.
Of course you are burning 20 million a quarter so timing matters. My general approach to these is to look at burn rate, and if they are still likely to trade below cash value a couple years in the future I gamble on the idea that something good will happen in that time frame. More often than not it does, but I don’t spend time contemplating what that thing will be.
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