I don't see the analogy of how a Shareholder is similar to that of a Tenant of Highrise who only has a LEASE. No matter what the building values does, the Investment value to the LEASE Holder does not increase or decrease. Once the the lease is up.. it is up. I guess if the Leasee was subletting, then their investment might increase/decrease in value.
IMO, in your building scenario.. the shareholders are those have some ownership interest in the building.
As for preclinical, I think they will add more value once/if Peregrine has proven itself but until then.. I highly doubt it will.
What is so funny is if a new member was reading this board, it would seem like Peregrine was a start up.