Then you should do some DD on the huge licenses and fees paid to just individual inventors, like a University professor for a license on a patent.
"I shy away from any valuation that says the company is currently worth 9 figures. I believe we have to reach that point before any companies going to plop down serious cash to license."
Keep in Mind 3M tried to buy MVTG for $5 million in 2009 when that was a huge amount of cash in a world wide financial market melt down, and all MVTG had was a single patent application asset.
Market cap is not relevant to license fee calculations, the value of the tech is.