That is a huge subject I will not get into. Even if I give you the benefit of the doubt and say that in the interest of conservatism the patens are given very little value, even close to zero. Where was I a bit off?
As for the Lang project, that is because companies do not have to capitalize R&D.
That is the way I would see it as well. You have an intangible asset valued at close to zero on the books. One of the limitations of financial accounting is that there is not a line on the balance sheet for "potential".
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