Fireman,
I believe that before you can evaluate what the company is worth you need to know what time frame you are talking about. I agree with you that vein the immediate future, even when regulators have approved DCVAX-L for GBM $40 billion is too high. On the other hand, with or without a partnership, if NWBO is able to expand clinical trials on both vaccines and demonstrates positive results in a few years in multiple solid cancers, $40 billion could be a great bargain price. The question is how does NWBO proceed from here.
Personally I would much prefer an equity partner who would fund development for the foreseeable future to determine what they really have, but if they are bought out I would not complain about taking the money to the bank.
Gary