How do you value KBLB's intellectual property? Part of the value lies in the cost to replicate the technology: how much would it cost another company to develop a silk similar to DS? Another big part of the intellectual property value is IP protection, specifically in terms of patents or copyrights. In KBLB's business, that would be patents. Of which KBLB owns none. The limited intellectual property protection KBLB enjoys stems from patents awarded to Notre Dame. Those patents are restricted in various ways, including the fact that they are all based on golden orb spider dna. There are lots of alternative sources of spider dna that could be employed: Darwin's bark spiders, for example, or black widow spiders. KBLB doesn't enjoy any meaningful intellectual property protection.
What would it take for another company to produce a silk similar to DS? Surely far short of a billion dollars. Through all of its floundering, KBLB has not spent anywhere close to a billion dollars so far. With all of the advances in genetic editing, I'm guessing a company might be able to get by with costs on the order of $5 to $10 million. But let's be generous and say it might cost another company $100 million to produce a competitive silk. Divide that by a billion+shares and you get a value of 10 cents per share.
People who have been telling you the intellectual property of KBLB is worth $1 to $1.50/share simply don't know what they are talking about. A price-per-share of $4 cannot be justified by fundamentals. We may see a crazy rush from traders that drives the share price to a buck a share or a bit more, but investors aren't going to spend $4/share until KBLB establishes a large and dominant presence in the field. KBLB is years away from that point. Decades, maybe.
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