xodcode, NPV is used where it makes sense. So, yes, many companies are assessed using NPV models. It makes no sense here, as I described. You, of course, are welcome to massage spreadsheets to your heart's content - but presenting it here as though your calculations are related to something real is silly. Anavex will be in one of 4 quantum states by end of the year: not good (failures all around,) very good (3-71 P2 was excellent), extremely good (3-71 failed but MAA was accepted,) over the moon (both succeeded.)