It makes sense and I have stated my valuations just like you just have. But as HL has answered there is a lack of transparency. Also, with proper numbers and timeframes put out by the company the stock would not be at this present valuation.
SurVax which is being pumped on national TV which doesn’t really have the goods is getting more attention than DCVax. Someone posted - Why? This company that we own puts nothing forward to maintain a decent share price. With proper scheduling and $ expectations the stock would be trading much higher and now it is extremely unfair to long term shareholders.
I understand a great deal that with 3 million dose storage capability at Sawston I can evaluate a greater than $400 share price if charging $200K per treatment. I gave this assessment the other day. The company has 2 IR people and I have only seen scientific information given to oncologists. The general investing public needs information to invest.
For that you need accredited analysts following the company. From GS, JPMorgan, Raymond James and others. For that you need transparency of expectations.