If they are an R&D company, they should be getting contracts to do the R&D so that they accrue revenue to pay their salaries and keep the lights on. If all they can do with the results of their R&D is file them away in CIP, the money they can get from dilution will eventually dry up, and the lights will go out. That's how their effectiveness can be measured. They need to sell SOMETHING other than shares, or they will soon be bankrupt. If that happens, someone will benefit from the IP in CIP, but it won't be the shareholders.