Good analysis thanks, I agree in general but two things to note:
1. KOWA co-promotion ends post R-IT results in a few months along with all the R&D expenses
2. AMRN is not unique here, this is the name of the game in bioland. even in large cap bioland. Look at VRTX perhaps one of the best of the best $44bn company, basically monopolises the whole of CF and still struggling to show real sustainable growing profits!
One thing I agree with you is on the stock comp, head I win, tails I also win. But that being said on the numbers, have to give them benefit of the doubt, 'AMRN is a small company doing big things' as JT says, hence also the constant dilution.
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