Actually, there are the revenues Elite has generated and these are important because they are absent from many pharma/biotechs that are touted as the next big thing. And, then there is the potential Elite could act as a contract manufacturer as a means to garner future revenues. But, because capacity utilization limits strategic choices, the real future for Elite and its shareholders is the commercialization of their pipeline.
And, when considering the value of a firm there is not only the intellectual capital Elite possesses that outsiders cannot calculate and would be part of the goodwill consideration, but Elite has actual facilities that produce and store stuff...specifically, the multi-million dollar facilities that will allow them to reduce their product costs and thereby offer competitive price-value to customers. Utilizing a cost strategy makes this a synergistic value.