It’s not out of step with small bios that before they announce to the world their success, you see a large decline from their earliest years, and that is a part of the process of financing such companies, which necessarily requires dilution. Early financiers need to manage that process understanding the value proposition and the long horizon.
Additionally, those coming in along the way need to understand that, and not invest in an asset they do not understand.
Those investing over the last 5 years have had a many times return over a MRK or similar investment. And that is before the news is broadly available and that is while they are just on the OTC without the benefit of major institutional investment.
So this is still an early lifecycle valuation.
If you invest in small, start-up bios, you need to know the potential valuation upon success as well as the current valuation and then discount based on the potential for success happening. If the market is. It keeping up with that info, you can decide for yourself if it is undervalued, properly valued or overvalued.
Up to you. But with the immense volatility, almost anyone could have made a lot of money over the last 5 years, if they had the slightest idea what they were doing and understood the kind of company they were in, and they could be out with a substantial profit if they did not believe that ultimate success was possible.
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