You do realize that IPIX paid $5M for Brilacidin, right? (By your own assessment, doesn't that constitute a ridiculously low price?) And, to date, we've spent $20-30M to develop the IP, right? And, to date - as in of this writing - what do we have to show for it? A $420K license fee.
No. IPIX is priced, to date, as a direct consequence of Leo Ehrlich's inability to advance the IP in any meaningful way. The market is giving a zero multiple on future advancement based on past performance.
Whether you agree or not with Lemoncat's stance on accepting a $600M buyout today, her rationale is sound. A $600M buyout represents an approx 20x multiple over what IPIX has invested in Brilacidin, minus the net pay out. After 8 years, that's a pretty great return.
Now, do I think we should accept $600M today? No. My risk tolerance allows me to wait for the B-CV results, which I believe, at minimum, will be good. Will they be very good? Great? Outstanding? No one knows. For myself, I'm prepared for the minimum performance and will take pleasure in anything beyond. Good to very good results should allow us to develop other indications (e.g. B-UC/IBD) while simultaneously advancing B as an antiviral. If we can show statistically meaningful results in a clinical environment amongst a sufficiently powered population in further trials, then the starry-eyed valuations promulgated by some might come close to being realized.
For those who don't have the risk tolerance and are overextended on this "investment", an exit at $1.46 quite likely represents a modest profit and obviates what has been a hefty loss over the last 5+ years for those with that length of exposure. That's the point she's making: a bird in hand is worth two in the bush. She's expressing the opinion that she's willing to take what's been revealed behind door #1 today, rather than risking the discovery there's a donkey behind door #2 tomorrow.