Honestly don't know, and that's why its important for an independent third party to make its own assessment
Like you wrote, it's not uncommon place for techs, especially start ups, to have such a high number for intellectual property, on the plus side in their ledger.
Only thing is that it would be a lot more comforting if their products had patents rather than patent pendings to insure that this intellectual property value is protected. Unfortunately the patent process though is a long one