Very logical and imo absolutely correct. And the market for the stock will not appreciate the size of the market for the treatment, esp not for Direct. I think that is why BP buyouts are usually for far more than the market cap, because BP can much better understand the actual market for the med or treatment than the stock market can.
There is imo only one way for an early boost to the stock based on BP estimating the product market and that is if e.g. a Japanese company buys rights for Japan. Linda could sell rights for -l only, or even for Direct also but only for Japan without giving up too much of a longer term overall buyout value for the whole company, and that could help boost market cap even if it remains significantly lower than what Linda would want to achieve for longer term buyout once the full value of Direct and -l became clear.
Really, there's no way to get a huge buyout value in the near term and those who dream of that probably inexperienced investors only because that's simply not how it works or has worked historically, except for the cases where BP pays a huge buyout for drugs in ph2. That does happen but the value of NWBO probably depends a lot of the value of Direct which has to be clinically proven in ph 2 at least before it's meaningful to BP.
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