Share price is not our valuation, it is diluted market cap (share price times diluted shares o/s). Our nano-cap diluted MC, about $20MM, is now typical of a young unproven biotech with no clinical development success. This may seem perverse given we have a compound that passed two phase 2B's, but the concern is that there are commercial viability issues with B (eg, why wasn't it granted BTD for B-OM given the need for OM therapies? Why didn't the ABX generate immediate BP interest?). A prospective BP term sheet is being discounted because management is not deemed credible, given past missteps. Who knows what the terms are, whether it is still in place, etc.
As for K, it is an un-proven wildcard that could end up just like P. That happens. This is biotech.
A good investor in biotech knows and accepts the risks. There are many. For IPIX, the immediate risk now is we don't get a B deal and the company finds no more capital. Keep your fingers crossed for a B deal, it's the salvation of this risky investment. GLTA! Stay vigilant and objective!
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